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Of Partnership Representatives and Push-Out Elections

On Nov. 2, 2015, President Obama signed into law the Bipartisan Budget Act of 2015, which included a new federal audit regime for partnerships and entities classified as partnerships for federal income tax purposes. The new rules, effective for audits of partnership tax years beginning on or after Jan. 1, 2018, generally allow the Internal Revenue Service to adjust items of income, gain, loss, deduction or credit of a partnership, and collect any resulting underpayment of tax, at the partnership level.

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