Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Group Says Partnerships Should Still Handle Partners’ Compliance

July 5, 2022, 6:14 PM

The IRS should continue to allow partnerships to handle compliance obligations for their individual partners on passive foreign investment vehicles, instead of requiring the holders to shoulder the burden, the accounting industry’s US trade group said.

Forcing individual holders of domestic partnerships and S corporations to handle such filings and other compliance responsibilities would expose many taxpayers to a complex regime of rules that they have no knowledge of, the American Institute of CPAs said in a comment letter last week that was released by Treasury on Tuesday.

That would lead to missed or ...