The centralized partnership audit regime rules are now in effect and change the way partnerships are audited by the IRS. These new rules require the actual partnership to pay any deficiencies resulting from any audit adjustments. This means that the IRS will apply the top tax rates to any audit adjustments to calculate deficiencies, without regard to any partner level attribute that may have otherwise reduced the tax due from an audit adjustment.
With much of the rhetoric in Washington D.C. during the past couple of weeks over funding of the border wall and the current government shut down, employers still may have reporting requirements for 2018 under the Affordable Care Act (ACA). The Act requires insurers, self-insuring employers, and those employers with 50 or more full-time equivalents (FTEs) to report certain information to the IRS and Social Security Administration using forms 1095-B, 1095-C and 1094.
The IRS issued Notice 2019-2, updating optional standard mileage rates for business use of a vehicle.
to make sure all of their tax and accounting reporting is telling a consistent story with their transfer pricing. Otherwise, inconsistency could flag an IRS or foreign tax authority audit.
The IRS released its proposed regulations on November 23 to include the increased basic exclusion amount (BEA) per the Tax Cuts and Job Acts (TCJA).