3.0.0 3018 2023-01-11T13:25:03Z 2023-01-11T13:25:03Z Senate S S 2014-12-16 113 ssfi00 Finance Committee Senate Standing Referred to 2014-12-16T21:52:41Z Tax Reform Act of 2014 113 1 HR 2014-12-12 Sponsor introductory remarks on measure. (CR E1800-1801) Related bill CRS 2014-12-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2014-12-16 Sponsor introductory remarks on measure. (CR S6921-6922) IntroReferral B00100 9 Library of Congress 2014-12-16 Introduced in Senate IntroReferral 10000 9 Library of Congress L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON N Taxation Accounting and auditing Administrative remedies Bankruptcy Department of the Treasury Income tax credits Income tax deductions Interest, dividends, interest rates Internal Revenue Service (IRS) Judicial review and appeals Tax administration and collection, taxpayers Taxation 00 2014-12-16 Introduced in Senate 2015-01-24T16:53:13Z Partnership Auditing Fairness Act - Amends the Internal Revenue Code to revise rules for audits of large for-profit partnerships (partnerships with more than 100 partners). Repeals existing audit rules under Chapter 1 and Chapter 63 of the Internal Revenue Code. Allows partnerships with 100 or fewer partners to elect not to be covered by this provisions of this Act.

Provides that items of partnership income, gain, loss, deductions, or credits shall be determined at the partnership level, instead of for each individual partner. Makes adjustments to partnership taxes applicable in the tax year in which such adjustments are finalized.

Sets forth new procedures for notifying a partnership of an audit or an adjustment of partnership taxes. Requires partnerships to participate in an audit through a designated partnership representative.

Allows partnerships to include audit adjustments on tax returns for the year in which such adjustments are finalized. Provides for the collection of additional taxes resulting from an audit and tax penalties from the partnership, instead of from individual partners. 

Permits partnerships to request judicial review of audit adjustments by filing a petition with the Tax Court, a district court, or the Court of Claims. Grants such courts jurisdiction to determine all items of income, gain, loss, deduction, or credit of the partnership. Establishes a three-year limitation period for making adjustments to partnership tax returns.

]]> Partnership Auditing Fairness Act Display Title Partnership Auditing Fairness Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to reform the rules relating to partnership audits and adjustments. Introduced in Senate IS Short Titles as Introduced Partnership Auditing Fairness Act Introduced in Senate 2014-12-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s3018is/xml/BILLS-113s3018is.xml 2014-12-16 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.