November 21, 2024 8:33 am
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IRS ramps up CRE partnership enforcement

By Jon Banister | Bisnow

The Internal Revenue Service plans to audit 75 large partnerships, including real estate specialists and hedge funds, though the agency hasn’t yet named the companies involved, The Wall Street Journal reports.

The focus will be on size: Each of the audited companies will have assets averaging $10B, according to the agency, and they will be formally notified of their audits within a few weeks. The IRS will also turn its attention to about 1,600 individuals with incomes of more than $1M who owe at least $250K in back taxes.

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