State and Local Tax (SALT) attorney Bruce Ely was quoted in Bloomberg BNA on the reintroduction of regulations implementing the new federal partnership audit regime.
“The IRS's theory is they will fast track as much as possible of the proposed regs once they're reissued,” said Ely, who was among practitioners who met with Treasury officials during last week's American Bar Association tax section meeting.
Feedback indicated that “if you have comments on the regs, if you'd like to see them changed, you better file those now, even though they have not been reissued,” he said, adding that he hopes the new set of regulations will incorporate public comments.
The complete article, “IRS May ‘Fast Track’ Reissued Rules on Partnership Audits,” appeared in Bloomberg BNA on May 22, 2017. (login required)