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The New Partnership Audit & Collection Regime: Its Time Has Come

By Farrell Fritz P.C. on October 30, 2017
Posted in Federal Tax Issues

Beginning 2018, the IRS is authorized to collect from a partnership any tax deficiencies arising out of the partnership’s operations for a taxable year, even if the persons who were partners in the year to which the deficiency relates are no longer partners in the year that the deficiency is assessed.

Stated differently, the current-year…

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