Corporate,
Tax
Sep. 26, 2018
Bill appears to conform California law to IRS partnership audit regime
In July of this year, the Internal Revenue Service finalized its partnership audit rules, and this week Gov. Jerry Brown signed a bill that appears to conform to those rules.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
The Bipartisan Budget Act of 2015 was implemented to avert a government default and provide a measure of certainty for federal discretionary programs; it also created a new centralized partnership audit regime, repealing the previously existing partnership procedures and all previously existing rules applicable to electing large partnerships.
In July of this year, the Internal Revenue Service finalized its rules which became effectiv...
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