Tax Notes Quotes Monte Jackel on IRS Decision to Ease Signature Requirement for Certain Partnerships
Tax Notes has quoted Akin Gump senior counsel Monte Jackel in the article “IRS Eases Burden on Adjusting Partnership Property Basis,” regarding new guidance from the IRS that eliminates the signature requirement for certain partnerships seeking to adjust the basis of partnership property. According to the article, that will reduce the need for partnerships to seek relief from the IRS.
Jackel said the decision makes good policy sense and complies with the Trump administration’s overall objective to reduce regulatory burdens. There was never any real reason for partnerships to sign the written statement since it must be attached to a signed partnership return, he said.
Jackel added that for those who don’t sign the statements, the relief requests, while automatic, can be burdensome. Eliminating the signature requirement may not be high on anyone’s list of priorities, he noted, “but it does some good for tax administration generally.”