By: Amanda Wilson
As I previously discussed (here), the IRS released last week long awaited regulatory guidance addressing the new partnership audit rules. The status of these proposed regulations is unclear, though, as the IRS officially withdrew the regulations yesterday in response to a White House memorandum ordering a freeze on all regulatory guidance that had not yet been published in the Federal Register. (The IRS had released the regulations but they had not yet been published in the Federal Register).
While the status of the proposed regulations is unclear, what is clear is that taxpayers need guidance on how the new audit rules will be implemented. Hopefully we will get answers soon, because these new rules go into effect next year.