Among the 2,009 pages of the Omnibus Spending Bill passed last December is a small section that should be required reading for tax advisors of business partnerships, according to Scott Harty, a partner in Alston & Bird’s Federal & International Tax Group.
“A seismic shift has occurred with respect to partnership audits that will have aftershocks for years to come,” he said. “Although the new rules do not take effect until 2018, it is imperative that partnerships begin to understand the implications of these changes and take action.”
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