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Congress Makes Changes to Partnership Audit and Adjustment Rules

Large Partnerships Face Major Changes to Audits and Adjustments The recently enacted federal budget deal includes major changes to how the IRS will audit large partnerships and, when adjustments result in tax underpayments, will allow the IRS to collect the tax directly from the partnership, instead of from the individual partners.  Alistair M. Nevius, Journal of Accountancy editor-in chief, discusses the n ...

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