Treasury and the IRS released proposed regulations implementing the new centralized partnership audit regime enacted as part of the Bipartisan Budget Act of 2015, which replaces the partnership audit rules of the Tax Equity and Fiscal Responsibility Act of 1982. These proposed regulations are substantially similar to draft proposed regulations that were released publicly by the IRS in January 2017, but were withdrawn before being published in the Federal Register
as part of the new Trump administration’s initial freeze on regulatory activity.
For more information, see this Tax Flash
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