George Hani commented on challenges that companies face as a result of pending guidance from the Internal Revenue Service (IRS) on the new partnership audit regime. The fact that so much of the guidance on the new auditing regime is pending complicates the process of updating partnership agreements, Hani said. "The detriment to being in this limbo period is that people want to revise existing partnership agreements but really want to go through that exercise with counterparties once," he said, adding, "to be able to do that just once means that we need to know all the rules." Multiple renegotiations can make the agreements vulnerable to other issues that one party or the other would rather not broach, Hani said.