Final and Proposed Regulatory Changes for Partnerships and Corporations

Partnership Audits

When Congress passed the Bipartisan Budget Act of 2015 (BBA), it repealed a previous set of partnership audit rules that had been enacted under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA). Subsequently, the IRS recently issued temporary regulations regarding qualifying partnerships that wish to elect into a new audit regime established by the BBA.