The IRS proposed several changes to guardrails for a centralized auditing process for partnerships that was enacted by a 2015 budget law.
The agency addresses ambiguities surrounding situations in which a partner of a partnership subject to the new auditing regime is a type of domestic subsidiary 100% owned by an S corporation. Those subsidiaries, known as qualified S corporation subsidiaries, wouldn’t be able to help their partnerships elect out of the centralized auditing process under the proposed rules.
The new package of regulations (REG-123652-18; RIN: 1545-BP01), released Friday, also includes proposed changes to existing final ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.