A ‘Seismic Shift’ in the Partnership Audit Rules

Anchin in the NewsOctober 18, 2016Published by Accounting Today
Anchin Partner Quoted: Barry Weisman, CPA
A ‘Seismic Shift’ in the Partnership Audit Rules

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.

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