Federal Tax

Info for Centralized Partnerships

Are you in a centralized partnership? The IRS has announced the launch of a new webpage dedicated to the Bipartisan Budget Act of 2015 (BBA) centralized partnership audit procedures. The BBA procedures replaced the Tax Equity and Fiscal Responsibility Act of 1982 and electing large partnership audit rules. Under the BBA, partnerships must follow certain filing requirements including designating a partnership or, if eligible, electing out of the procedures on a timely filed return. The centralized partnership audit procedures are generally effective for tax years starting in January 2018. Here’s the webpage. For questions, reach out to Cg Tax, Audit & Advisory. © 2020