Understanding the New Partnership Audit Rules and the Impact on LIHTC Partnerships
11 AM GMT
The Bipartisan Budget Act of 2015 passed a new partnership audit regime, the first new set of such rules enacted since 1982. The new rules significantly change audit treatment on pass-through entities by making the partnership rather than the partners liable for any tax assessment upon audit. What does this mean for the LIHTC? There are still many question marks around the new rules as the IRS has yet to finalize the corresponding regulations. The new rules are effective January 1, 2018 and it is imperative that LIHTC industry participants are prepared to address the impact. What steps need to be taken in structuring deals and adjusting documents going forward? What are the potential pitfalls and areas of uncertainty? Join our expert panel for an overview of the new partnership audit rules, what they mean for your LIHTC partnerships and recommended steps to prepare for the new audit regime.