Are you in compliance with the new partnership audit rules?

Description

Abstract: Many real estate–related businesses are formed as partnerships, making them subject to the regulations for partnership audits under the Bipartisan Budget Act of 2015 (BBA). The proposed regulations — which significantly change the previous rules regarding partnership audits and liability for any resulting adjustments — take effect for taxable years beginning after December 31, 2017. This article reviews the far reaching implications of the new rules.