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US CPAs Recommend Easing Tax Rules on Partners of Audited Firms


The American Institute of Certified Public Accountants has recommended that proposed regulations regarding the Centralized Partnership Audit Regime should provide "maximum flexibility" in adjusting the tax attributes of an audited partnership and its partners. Introduced in the Bipartisan Budget Act of 2015, the new regime allows the IRS to audit the firm itself rather than each individual partner, in a bid to streamline the assessment of large partnerships such as private equity firms, hedge funds and CPAs. more

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