Category:tax
IRS & Treasury to Crack Down on Basis Shifting Among Complex Partnerships
On June 17, 2024, the Biden Administration issued a press release detailing plans to push forward a new multi-stage regulatory initiative targeting tax evasion among large business partnerships. The Internal Revenue Service (IRS) and U.S. Treasury Department will lead the charge to end abuses of a practice known as “basis shifting,” often used by complex partnerships to maximize deductions and consequentially minimize tax liability.