Following are highlights of the proposed regulations:
Partnership rules have become increasingly complex over the past few years. The rules under IRC Section 1061, including reporting and recordkeeping, add further complexity and burden for partnerships and their owners. Taxpayers should work with their tax advisers to identify planning opportunities to mitigate the cost of complying with these new rules.
Fixing errors on already-filed partnership returns
Partnerships that discover errors on their already-filed federal returns might be able to file AARs or superseded returns to fix them.
How ESG and tax connect
A divided Congress creates tax uncertainty
The 2022 midterm elections created a lot of uncertainty and a divided Congress. How will that impact tax oversight and legislation?