Hey All You Partnerships Out There! IRS REALLY wants to audit you... 
Friday, November 9, 2018 at 06:11AM
Earl L. Sigmund

  Part of the new tax law effective January 1, 2018 included a provision which requires partnerships the election to opt out of brand new IRS audit rules for partnerships-

 

If your company is eligible - you can opt out. OPT OUT of what????

Answer: If your partnership is audited and the IRS finds more taxable income, that income will br taxed at the highest federal tax bracket for 2018 ---37% ---no matter what tax rate the individual partner in the partnership is at that tax year.   

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