Mary A. McNulty was recently quoted in a Tax Notes Today article (subscription required) on the proposed Tax Technical Corrections Act of 2016 (available here), which makes technical corrections to the new partnership audit rules in the Bipartisan Budget Act of 2015 (“BBA”). Among other things, McNulty comments that the Technical Corrections reflect an effort to efficiently collect the proper amount of tax due from partnership adjustments in lieu of the rough justice currently in the BBA and to strike a fair balance between efficiency and collections. The Technical Corrections are extensive and more substantive than most technical corrections. The Technical Corrections are discussed in more detail in a prior post.
While the Technical Corrections bill did not pass before Congress adjourned last year, the article notes that it is likely that the Technical Corrections will pass soon. If you have any questions about the Technical Corrections or partnership audits, please contact one of us or any of the other Tax lawyers at Thompson & Knight.