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Top Ten List of Why Attorneys Need to Be Concerned About Partnership Tax Audits — Published in THE SUFFOLK LAWYER — March 2018

from By Alan E. Weiner CPA, J.D., LLM

From April 4: Tax simplification it's not! In 2015, Congress enacted the Bipartisan Budget Act of 2015 which included an entirely new way for the Internal Revenue Service to audit partnerships. Suffice it to say that almost whatever area of the law in which you practice, this new law will affect your advice to your clients. As you would expect, all tax attorneys will need to be intimately familiar with the provisions of the "partnership tax audit" law (or at least recognize the need to research an answer). But other attorneys who will need to recognize the need for advice in this area will include attorneys specializing in matrimonial, estate and trusts, real estate, bankruptcy and restructuring, corporate, forensic and valuation, et al, areas.

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