A ‘Seismic Shift’ in the Partnership Audit RulesAnchin in the NewsOctober 18, 2016
Anchin Tax Partner, Barry Weisman, discusses the need to revise procedure because of the rise in multi-tiered partnerships.
“With the growth of technology and multi-tiered partnerships, it became a nightmare for the IRS,” said Barry Weisman, a tax partner at Top 100 Firm Anchin, Block & Anchin LLP.
“It became an administrative nightmare for the IRS,” he continued. “They did very few audits and there was a lot of noncompliance. On a multi-tiered partnership with thousands of K-1s, they would shy away from making an adjustment.”
“That’s what the new regime is supposed to cure,” Weisman added. “But the devil is in the details — sometimes the cure is worse than the disease.”
Read the complete article in Accounting Today.