Partnership Audit Simplification Act of 2015
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HR 2821 — Partnership Audit Simplification Act of 2015
Last action — Referred to the House Committee on Ways and Means.
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✓Introduced
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✓In Committee
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Died in session
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Partnership Audit Simplification Act of 2015 Amends the Internal Revenue Code to revise rules for audits of large for-profit partnerships (partnerships with more than 100 partners). Repeals existing audit rules under Chapter 1 and Chapter 63 of the Internal Revenue Code. Allows partnerships with 100 or fewer partners to elect not to be covered by this provisions of this Act. Provides that items of partnership income, gain, loss, deductions, or credits shall be determined at the partnership level, instead of for each individual partner. Makes adjustments to partnership taxes applicable in the tax year in which such adjustments are finalized. Sets forth new procedures for notifying a partnership of an audit or an adjustment of partnership taxes. Requires partnerships to participate in an audit through a designated partnership representative. Allows partnerships to include audit adjustments on tax returns for the year in which such adjustments are finalized. Provides for the collection of additional taxes resulting from an audit and tax penalties from the partnership, instead of from individual partners. Permits partnerships to request judicial review of audit adjustments by filing a petition with the Tax Court, a district court, or the Court of Claims. Grants such courts jurisdiction to determine all items of income, gain, loss, deduction, or credit of the partnership. Establishes a three-year limitation period for making adjustments to partnership tax returns, except for a false or fraudulent partnership return with intent to evade tax or no return filed (no limitation).
Bill Text
We don't have the full text on file for this bill yet.
Read HR 2821 on the official United States source →Action History
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Referred to the House Committee on Ways and Means.
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Introduced in House
Sponsors
- James Renacci · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does HR 2821 do?
- Partnership Audit Simplification Act of 2015 Amends the Internal Revenue Code to revise rules for audits of large for-profit partnerships (partnerships with more than 100 partners). Repeals existing audit rules under Chapter 1 and Chapter 63 of the Internal Revenue Code. Allows partnerships with 100 or fewer partners to elect not to be covered by this provisions of this Act. Provides that items of partnership income, gain, loss, deductions, or credits shall be determined at the partnership level, instead of for each individual partner. Makes adjustments to partnership taxes applicable in the tax year in which such adjustments are finalized. Sets forth new procedures for notifying a partnership of an audit or an adjustment of partnership taxes. Requires partnerships to participate in an audit through a designated partnership representative. Allows partnerships to include audit adjustments on tax returns for the year in which such adjustments are finalized. Provides for the collection of additional taxes resulting from an audit and tax penalties from the partnership, instead of from individual partners. Permits partnerships to request judicial review of audit adjustments by filing a petition with the Tax Court, a district court, or the Court of Claims. Grants such courts jurisdiction to determine all items of income, gain, loss, deduction, or credit of the partnership. Establishes a three-year limitation period for making adjustments to partnership tax returns, except for a false or fraudulent partnership return with intent to evade tax or no return filed (no limitation).
- Who sponsors HR 2821?
- HR 2821 is sponsored by James Renacci (R).
- What is the current status of HR 2821?
- This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track HR 2821?
- Track HR 2821 free on One Click Politics — get push/email alerts when it moves.
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