April 5, 2020 |
By
Keith Martin in Washington, DC
Partnerships are more likely to be audited by the US tax authorities in the future, but the percentage of partnerships that are audited remains small.
The IRS large business and international division said in a “focus guide” put out in February that a goal this year is to “increase the volume of audits for passthrough entities.” Only 0.22% of partnership tax returns were audited in fiscal 2018, down from 0.38% the year before. The government’s fiscal year runs from October 1 through September 30.
