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The
Presti & Naegele Advantage
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Latest Tax Alerts
Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More
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What’s next for IRS/Treasury regulations in response to Executive Orders?
With the release of regulations on centralized partnership ... Read More
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FAQ: Has the IRS’s treatment of virtual currency changed?
No. The IRS continues to treat virtual currency as ... Read More
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How do I...work-around the IRS Data Retrieval Tool (DRT) being offline?
Every year, millions of post-secondary students access the IRS Data Retrieval Tool ...
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July 2017 tax compliance calendar
July 2017 tax compliance calendar ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Centralized partnership audit rules finally released; impacts all partnerships
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The much-anticipated regulations (REG-136118-15) implementing the new centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA) have finally been released. The BBA regime replaces the current TEFRA (Tax Equity and Fiscal Responsibility Act of 1982) procedures beginning for 2018 tax year audits, with an earlier "opt-in" for electing partnerships. Originally issued on January 19, 2017 but delayed by a January 20, 2017 White House regulatory freeze, these re-proposed regulations carry with them much of the same criticism leveled against them back in January, as well as several modifications. Most importantly, their reach will impact virtually all partnerships.
Scope
Under the proposed regulations, to which Congress left many details to be filled in, the new audit regime covers any adjustment to items of ... Read More
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Lawmakers continue tax reform debate and discussions
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Lawmakers from both parties spent much of June debating and discussing tax reform, but without giving many details of what a comprehensive tax reform package could look like before year-end. At the same time, several bipartisan tax bills have been introduced in Congress, which could see their way to passage.
Tax reform
House Speaker Paul Ryan, R-Wisc., predicted that tax reform would be accomplished in 2017. “Transformational tax reform can be done, and we are ... Read More
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