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Michael Grace Comments on Partnership Audit Regulations Proposed and Then Withdrawn

Bloomberg BNA’s Daily Tax Report
January 25, 2017

Michael J. Grace, consulting counsel in Wiley Rein’s Corporate Practice, was quoted January 23 in a Bloomberg BNA article regarding highly anticipated tax regulations that address audits of partnerships by the IRS. 

The regulations were proposed on January 18 by the outgoing Obama Administration. On President Trump’s first day in office, his Administration effectively withdrew the proposed regulations. Tax advisers and partnerships now await the fate of the regulations. 

Although the proposed regulations answered some questions, they left many issues unaddressed and unresolved. “The proposed regulations feel not quite ready for prime time,” Mr. Grace told BNA. “No way of knowing definitively, but they seem to have been rushed out before January 20, when President Obama leaves office and Donald J. Trump is inaugurated.”

In September 2016, Mr. Grace published a Bloomberg BNA Tax Management Memorandum on the new partnership auditing rules:  “New Partnership Auditing Procedures: Practical Responses and Drafting Strategies,” 57 Tax Management Memorandum (Bloomberg BNA) 403 (September 19, 2016).