On January 1, 2018 the new partnership audit rules become effective. Proposed regulations were issued in January of this year to provide broad-based guidance on the implementation and operation of the new statutory regime, but those proposed regulations were withdrawn in the same month due to the new administration's position freezing proposed regulations and requiring agency review before re-issuance. With a little over six months to go before the new rules become effective, a considerable amount of uncertainty associated remains and regulatory guidance is desperately needed. At this point, gaining an understanding of the proposed/withdrawn regulations is the best course of action, as there is no current indication that the proposed rules will be altered in a material way, if issued by the end of the year.
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