IRS Plans to Go After ‘Complex Partnerships’ to Close Vulnerable Tax Gap

The IRS is going after large partnerships to close a massive business tax loophole.
IRS Plans to Go After ‘Complex Partnerships’ to Close Vulnerable Tax Gap
The Internal Revenue Service (IRS) building stands in Washington, D.C., on April 15, 2019. Zach Gibson/Getty Images
Bryan Jung
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The Internal Revenue Service is planning to address what it calls “large, complex partnerships” in an attempt to go after business entities that avoid paying taxes by abusing a known loophole.

This would allow the agency to collect tens of billions of dollars in additional tax revenue, via introducing double audits for partnerships with $10 million or more in assets, by fiscal 2025 over fiscal 2021 levels.

Bryan Jung
Bryan Jung
Author
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
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