The IRS will now track specific tax maneuvers by partnerships and their related parties

The US Treasury Department and the IRS have created new rules to track certain tax transactions involving partnerships and related parties. This means that tax advisors and participants in these transactions must now report them to the IRS, or face penalties.

For years, some partnerships have used complex transactions to adjust the 'basis' of their assets, which can reduce their tax bill. These adjustments often involve related parties, making them hard for the IRS to track. Now, the IRS has a specific category for these transactions, forcing them into the open.