The recently enacted Bipartisan Budget Act of 2015 amended the existing rules governing tax audits of partnerships in the U.S.

Who Does this Effect and When?

The new rules primarily impact partnerships with more than 100 partners and will generally apply to partnership taxable years after December 31, 2017. A partnership may elect to apply the new rules to tax returns for partnership taxable years after November 2, 2015 and before January 1, 2018. Certain partnerships with 100 (or fewer) partners may opt to elect out of the new rules and instead be subject to audits at the partner level.
Continue Reading What Are the New Partnership Audit Rules?