Election Out of the Centralized Partnership Audit Regime
other · IRS · Rule · Published 2018-01-02 · Effective 2018-01-02 · 83 FR 24
Document
Document number
2017-28398
Federal Register citation
83 FR 24
CFR reference
26 CFR 301
Type
Rule
Action
Final regulation.
Category
other
Sub-agency
IRS
Publication date
2018-01-02
Effective date
2018-01-02
Treasury docket
TD 9829
Abstract
This document contains final regulations regarding the implementation of certain portions of section 1101 of the Bipartisan Budget Act of 2015 (BBA), which was enacted into law on November 2, 2015. Section 1101 of the BBA repeals the current rules governing partnership audits and replaces them with a new centralized partnership audit regime that, in general, assesses and collects tax at the partnership level. This document provides final regulations for electing out of the centralized partnership audit regime. The final regulations affect partnerships for taxable years beginning after December 31, 2017.