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AICPA Pushes Back on IRS’s Basis-Shifting Move
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Subscribe17 OCT 2024 / AICPA UPDATES
The American Institute of CPAs (AICPA) is opposing new guidance from the IRS and Treasury regarding basis-shifting transactions in partnerships, claiming they could unfairly impact legitimate business transactions. The AICPA is advocating for clearer, more focused rules to prevent excessive compliance costs, suggesting the rules should only apply to future transactions, advocating for a higher reporting threshold, and calling for clear definitions of tax avoidance transactions and related parties.
When the IRS and Treasury released their new guidance on basis-shifting transactions on June 17, 2024, for partnerships, the goal was clear: curb tax avoidance in complex transactions involving related parties. But here’s the challenge—these rules, while...
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