New Centralized Partnership Audit Regime Takes Effect
New Centralized Partnership Audit Regime Takes Effect In late 2015, Congress passed the Bipartisan Budget Act of 2015 (as amended, the “BBA”). The BBA established a new centralized partnership audit regime, applicable to partnership tax years beginning after December 31, 2017, and repealed prospectively the TEFRA partnership audit rules. These new federal partnership income [...]