In the Headlines
March 12, 2024
Biden Budget a Mixed Bag for Partnerships
Tax Notes
Tax attorney Lee Meyercord was quoted in an article by Tax Notes discussing provisions in President Joe Biden’s proposed fiscal 2025 budget, which was unveiled on March 11. The "push-out proposal" would amend the Bipartisan Budget Act of 2015 (BBA), giving partnerships the option to undergo a push-out election to resolve an audit sooner in the process. Ms. Meyercord said the proposal would be beneficial for partnerships with non-income adjustments.
"You are going to either file amended returns during modifications or push out the adjustments to eliminate the imputed underpayment,” she explained. “When there are a number of partners, some partnerships prefer a push-out to using the amended return modification process, which can be unwieldy. I could see partnerships facing non-income adjustments electing to push out the adjustments after the NOPPA.”
READ: Biden Budget a Mixed Bag for Partnerships (Subscription required)
"You are going to either file amended returns during modifications or push out the adjustments to eliminate the imputed underpayment,” she explained. “When there are a number of partners, some partnerships prefer a push-out to using the amended return modification process, which can be unwieldy. I could see partnerships facing non-income adjustments electing to push out the adjustments after the NOPPA.”
READ: Biden Budget a Mixed Bag for Partnerships (Subscription required)