Product ID: 108291WP
 

The New IRS Partnership Audit Rules - Overview, Applicability, and Consistency Requirement

Charles D. Pulman — Partner, Meadows, Collier, Reed, Cousins, Crouch & Ungerman, L.L.P.
The New IRS Partnership Audit Rules - Overview, Applicability, and Consistency Requirement

GAO issues report showing substantial disparities in audit rates.

On September 18, 2014, the Government Accountability Office issued a report to Congress relating to the IRS’s effectiveness in auditing large partnerships. The report found substantial disparities in the IRS’s audit rates of large partnerships and comparable large C corporations with $100 million or more in assets. In the report, the IRS identified several potential reasons for the disparity in audit rates. In the years to follow proposed regulations were signed into law. This white paper provides an overview of what changed, reviews the general rule regarding determinations and applicability to all partnerships; and discusses consistency requirements.

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