Dana Bull, CPA •
The Bipartisan Budget Act of 2015 (BBA) included new partnership audit rules which change the way partnerships are audited by the IRS. The BBA rules, which are generally effective for partnership taxable years beginning after December 31, 2017, will change significantly the procedures for partnership audits. These rules, known as the centralized audit regime, are intended by Congress to streamline the process by which the IRS can audit partnership tax returns and collect any resulting tax.
The Bipartisan Budget Act of 2015 (BBA) included new partnership audit rules which change the way partnerships are audited by the IRS. The BBA rules, which are generally effective for partnership taxable years beginning after December 31, 2017, will change significantly the procedures for partnership audits. These rules, known as the centralized audit regime, are intended by Congress to streamline the process by which the IRS can audit partnership tax returns and collect any resulting tax.