SOC Tip #5

Service Organizations should align their summary of the system description with their controls matrix. It is a good practice to use the controls matrix as an outline when writing a systems description

IRS Issues Temporary Regulations for New Partnership Audit Rules

The Internal Revenue Service (IRS) recently issued temporary regulations regarding qualifying partnerships that wish to elect into a new audit regime established by the Bipartisan Budget Act of 2015 (BBA). The BBA had repealed previous legislation governing these audits, replacing it with a centralized system in which taxes are generally assessed and collected at the partnership level.

IRS Eases E-Filing for Taxpayers Using Section 83(b) Elections

In a move designed to facilitate easier e-filing of tax documents, the Internal Revenue Service (IRS) recently finalized a proposed regulation that eliminates the need for certain taxpayers to attach a copy of a Sec. 83(b) election to their annual tax returns.

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