Electing into New Partnership Audit Rules

By:  Amanda Wilson

As previously discussed (here), TEFRA, the audit regime that has long applied to partnerships, has been repealed and a new partnership audit regime is poised to go into effect for tax years beginning in 2018.  The new audit rules allow for an earlier effective date if the partnership so elects (although few partnerships would likely want to do so).

A Treasury official  stated during last week’s ABA Tax Section meeting that guidance on how to elect into these new audit rules is expected very soon.  A more comprehensive notice of proposed rulemaking is then expected to follow.

Yet Another Tax Scam

By:  Amanda Wilson

CBS This Morning covered an important story about yet another tax scam.  Under this scam, thieves posing as IRS agents call individuals and use scare tactics to frighten the victims into sending money.  The threat is that if money is not sent immediately, a warrant will be issued for the victim’s arrest.  This scam is so prevalent, I had a friend that received one of these calls this week.  The full CBS This Morning story can be found here.

Please be aware that the IRS does not contact individuals by phone.  If you receive one of these calls, hang up.



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