Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Navigating the IRS’s Complex New Partnership Audits (Podcast)

June 3, 2022, 8:45 AM

A 2015 law promised to streamline the Internal Revenue Service’s method for auditing partnerships—a type of “pass-through” business where the partners report their share of the proceeds on their personal tax returns.

Listen here and subscribe to Talking Tax on Apple Podcasts, Spotify, Google Podcasts, Stitcher, Megaphone, or Audible.

The Bipartisan Budget Act of 2015 included provisions intended to make it easier for the IRS to scrutinize partnerships. But the law created new concerns and unintended consequences for those navigating the audit process, according to Rochelle Hodes, principal of the Washington National Tax office at Crowe LLP.

“The simple has become complex,” Hodes said on the latest episode of the Talking Tax podcast. She discusses the complexities of the BBA centralized partnership audit regime, who is eligible to opt out, and what partners undergoing an audit need to consider.

Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

To contact the reporter on this story: Jeffery Leon in Washington at jleon@bloombergindustry.com

To contact the editors responsible for this story: Patrick Ambrosio at PAmbrosio@bloombergindustry.com; Jeff Harrington at jharrington@bloombergindustry.com