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Partnership audit Regs. are now effective

Article Abstract:

The Internal Revenue Service has issued Temporary Regulations related to partnership audits by the IRS. These regulations are explained briefly with regard to indirect partners, source partnership, partnership items, computational adjustments allowable to the IRS, 'tax matters' partners, and 'pass-thru' partners. The Temporary Regulations are subject to change prior to finalization. Other areas governed by the Temporary Regulations include: information that must be supplied by the partnership or tax matters partner upon the notice of an audit; the consistent treatment of all partners involved in a partnership audit; deadlines for filing requests for settlement; notice groups; the effects of the IRS's failure to serve notice of the audit properly; and the effects of the regulations on spouses of partners undergoing an audit.

Accounting and auditing, Auditing, Tax auditing, Tax audits

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Proposed regs. ease employment tax deposit rules

Article Abstract:

The IRS has issued Proposed Regulations (IA-28-91) to make the current employment tax deposit system easier to understand. The Proposed Regulations classifies employers into monthly or semi-weekly depositors. Employers are considered monthly depositors for a calendar quarter if their accumulated employment taxes are $12,000 or less for each of the four calendar quarters comprising a base period. Those not falling within this category are considered semi-weekly depositors. The Proposed Regulations also introduces three basic deposit timetables: the monthly rule, the semi-weekly rule and the one-day rule. Likewise, these Regulations offer several safe harbors for certain deposit shortages.

Payroll tax

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Prop. regs. ease partnership liability rules

Article Abstract:

The Internal Revenue Service has recently issued new provisions governing partnership liabilities. Included in the new Proposed Regulations are rules pertaining to the guarantee of interest, the valuation of pledged property, and the treatment of cases where there is evident avoidance of obligations to pay. The new Temporary Regulations, on the other hand, extend the transitional rule which means that Temporary Regulations may be applied by partnerships to liabilities incurred on or after Dec 28, 1991.

Liability (Law), Legal liability

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