United States:
IRS Pulls Proposed Partnership Audit Regulations
15 February 2017
Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
To print this article, all you need is to be registered or login on Mondaq.com.
As I previously discussed (
here), the IRS released last week long awaited regulatory
guidance addressing the new partnership audit rules. The
status of these proposed regulations is unclear, though, as the IRS
officially withdrew the regulations yesterday in response to
a White House memorandum ordering a freeze on all regulatory
guidance that had not yet been published in the Federal
Register. (The IRS had released the regulations but they had
not yet been published in the Federal Register).
While the status of the proposed regulations is unclear, what is
clear is that taxpayers need guidance on how the new audit rules
will be implemented. Hopefully we will get
answers soon, because these new rules go into effect next year.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Accounting and Audit from United States
The Importance Of Forensic Accounting In 2024
Bennett Thrasher
Forensic accounting is a specialized field within accounting that involves the utilization of investigative techniques to uncover financial discrepancies, fraud, or other irregularities...
Recent PCAOB "Sweeps" Pressure Audit Committees
Mayer Brown
As the regulator of public company auditors, following the Sarbanes-Oxley Act of 2002, the Public Company Accounting Oversight Board (PCAOB) aims to safeguard investors' interests.
ERC Audits: What Companies Need To Know
Bennett Thrasher
The Employee Retention Credit (ERC) has served as a crucial support for numerous businesses, offering financial assistance in times of adversity.