Federal Tax Update: End of Partnership Suspense Account at the IRS

https://vimeo.com/1030183814?share=copy#t=0

https://www.currentfederaltaxdevelopments.com/podcasts/2024/11/16/2024-11-18-end-of-partnership-suspense-account-at-the-irs

This week we look at:

• IRS may stop putting “taxpayer may rely” statements on proposed regulations
• Tax Court rules partnership basis calculations are cumulative in nature and not stand-alone annual calculations under IRC §705
• Latest speculations on what will get through Congress in 2025 - if anything