Proposed IRS rules scrapping reporting requirements for complex partnerships will neutralize one of the few remaining tools the agency has to identify abusive partnership transactions, Senate Democrats are warning in a new missive to IRS and Treasury Department officials.
The letter, led by Sen. Elizabeth Warren (D-Mass.), pushed back on regulations proposed in March that rescind final rules requiring the reporting of partnerships’ basis-adjustment transactions to the IRS.
…
Read the full story here.