Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Phil Jelsma Jelsma: “Generally, all items shown or reflected on the partnership’s return and information on the partnership’s or LLC’s books are subject to determination and adjustment at the entity level.”

SAN DIEGO—The IRS’s proposed regulations on the implementation of its new centralized partnership audit regime impact every partnership and LLC nationwide, Phil Jelsma, a partner and chair of the tax practice team at CRE law firm Crosbie Gliner Schiffman Southard & Swanson LLP, tells GlobeSt.com. On June 14, the IRS re-released its proposed regulations on the regime, with the intention to decrease the administrative burden on the IRS by allowing it to assess and collect tax at the partnership level. In general, the proposed regulations provide rules for entities subject to the new centralized partnership audit regime and procedures for electing out, filing administrative adjustment request and determining the amounts owed by the entity or its owners attributable to IRS adjustments

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

More from this author


Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2018 ALM Media Properties, LLC. All Rights Reserved.