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IRS Provides Relief to Domestic Partnerships Caught in GILTI Conundrum

Heléna Klumpp
IPB Tax Insider

The IRS has provided filing relief to U.S. partnerships caught betwixt and between proposed and final guidance that required very different approaches to the reporting of a key income item. The relief should prevent many partnerships from having to make a difficult choice between the headache and expense of re-issuing K-1s or the threat of facing penalties.

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