Brownfield site preparation credits for tax year 2015 are flowing through from tiered partnerships to our clients.
My understanding is these credits are subject to audit and adjustment.
If the credit is reduced, tax returns are adjusted and may cause interest and/or penalties to be due in addition to the tax.
Although the instructions indicated the tax is due in the year of review, not retroactive.
Does anyone now the time table for potential audit adjustments, two or three years?
How often is an adjustment made?
Any assistance is appreciated.