IRS Issues Partnership Audit Regime Election Temporary, Proposed Rules

Friday, August 5, 2016 - 3:00pm

The Internal Revenue Service (IRS) yesterday issued temporary rules pursuant to Section 1101(g)(4) of the Bipartisan Budget Act of 2015 regarding election to apply the new partnership audit regime to certain returns of a partnership. The temporary regulations allow partnerships that receive notices of selection for examination to make the election for tax years beginning before Jan. 1, 2018.  Partnerships have 30 days from the issuance of the notice to make the election. The temporary regulations are also reflected in the text of the proposed regulations.

 

Tune into the Aug. 9 Tax Credit Tuesday podcast for more information.