TweetShareSharePin0 Shares IRS examinations of partnerships under the procedures of the Bipartisan Budget Act (BBA) of 2015, P.L. 114-74, more often ended with no additional tax liability proposed than for all partnership audits of returns for the same tax years, the Treasury Inspector General for Tax Administration (TIGTA) reported in an audit (Rep’t No. 2022-30-020).
TweetShareSharePin0 Shares In yesterday’s post Rochelle Hodes, Principal with Crowe LLP, provided background on BBA, emphasizing what makes its rules unique in tax procedure. Today’s post will briefly discuss two important BBA developments, the IRS’s Large Partnership Compliance Program and significant ABA Tax Section comments on proposed BBA regulations. Les The IRS is scheduled to
TweetShareSharePin0 Shares 0 Flares Filament.io Made with Flare More Info“> 0 Flares × When Congress passed the Bipartisan Budget Act of 2015 (BBA) in 2015 I rejoiced, thinking that my struggles with TEFRA had ended. My joy was short-lived, as many partnerships have years still subject to
TweetShareSharePin0 Shares Corporations have been claiming more “uncertain” tax breaks in recent years. With IRS audits down, corporations are being increasingly aggressive in their tax positions, according to a Washington Post analysis of corporate filings. The IRS used to audit nearly every large corporation tax return, but it now audits only about half. As a
TweetShareSharePin0 SharesThe standard knowledge is that when the IRS has much less cash for enforcement, it goes after the lowest-hanging fruit– the audits that generate a fairly high ROI. Internal Revenue Service Deputy Commissioner Doug O’Donnell claimed the IRS checked personnel to attempt to establish why the no-change price increased as enforcement financing decreased. Sharon
TweetShareSharePin0 Shares Senate Democrats may be settling on a 25 percent corporate tax rate. The news service Axios reports that a growing number of Senate Democrats are looking at raising the corporate tax rate from 21 percent to 25 percent. The rate was first floated by swing Democrat Joe Manchin and would be lower than
TweetShareSharePin0 Shares This series of frequently asked questions (FAQs) provides answers to questions we are hearing from our members about the centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA). ALERT: The IRS announced in Rev. Proc. 2020-23 that BBA partnerships, which are normally prohibited from filing an amended return after they