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The Impact of Tax Reform on Private Equity and Venture Capital Companies
Posted by Scott Costa on Thu, Feb 8, 2018 @ 03:09 PM

The new tax law introduced as the Tax Cuts and Jobs Act (TCJA) includes considerable changes to the Internal Revenue Code that will impact the private equity and venture capital industries. The majority of the changes are effective Jan. 1, 2018, but some of the changes will have an impact on 2017 taxes as well. Private equity and venture capital firms should understand how the changes will impact their business, including the impact to their funds, investors, underlying investments, current and future tax structuring, as well as their management company. Firms should develop a course of action to address the changes imposed by the TCJA that will affect areas such as effective tax rates, preferred operating and acquisition structures, and the potential need for additional K-1 disclosure.

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Topics: Congress, Tax Reform, Partnership Audit Rules, Partnership Audit Regulations, tax reform bill, Partnership Audit, partnership audit regime, Scott Costa

IRS Answers Stakeholders' Questions on Electing Out of Centralized Partnership Audit Regime
Posted by Chrissy Hammond on Wed, Feb 7, 2018 @ 05:23 PM

Final regulations clarify electing out of the new centralized partnership audit regime. As of January 1, 2018, the new centralized partnership audit regime rules now govern partnerships.

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Topics: Congress, Tax Reform, Partnership Audit Rules, Partnership Audit Regulations, tax reform bill, Partnership Audit, partnership audit regime

Proposed Centralized Partnership Audit Regs Finally Released; Few Changes
Posted by Chrissy Hammond on Wed, Sep 6, 2017 @ 04:25 PM

The much-anticipated proposed regulations implementing the new centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA) have finally been released. The BBA regime replaces the current TEFRA ( Tax Equity and Fiscal Responsibility Act of 1982) procedures beginning for 2018 tax year audits, with an earlier "opt-in" for electing partnerships. Originally issued on January 19, 2017 but delayed by a January 20, 2017 White House regulatory freeze, the re-proposed regs carry with them much of the same criticism leveled against them back in January, as well as several minor modifications

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Topics: Taxes, Audit Regulations, Partnership Audit Rules, Partnership Audit Regulations

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