IRS Proposed Partnership Audit Rules Withdrawn from OFR

The IRS’ proposed partnership audit rules were withdrawn from The Office of the Federal Register following a government-wide executive order from President Donald Trump freezing all new and pending regulations, with some exceptions for health, national security and other emergency situations.

What’s the impact for practitioners and their clients?  Caplin & Drysdale’s Charles Ruchelman says “The regulations are likely to be re-proposed in 60 days, possibly with changes to the original proposals.  Practitioners and their clients should stay tuned to ensure they’re in compliance with whatever changes are made when the rules take effect and are subsequently enforced.”