IRS re-release proposed regulation on new centralised partnership audit regime
Published: 20 June 2017
The Internal Revenue Service (IRS) has reissued proposed regulations on implementing the new centralised partnership audit regime (Proposed Regulations) enacted by the Bipartisan Budget Act of 2015. The Proposed Regulations (as released in January 2017) were withdrawn in response to a temporary freeze on federal rulemaking imposed by the Trump administration. However, on 13 June 2017, Treasury and the IRS re-released the Proposed Regulations in substantially similar form. The new rules which will assess and collect tax at the partnership level and replace the existing TEFRA rules, will apply to partnership tax years beginning after 31 December 2017, although partnerships can elect to apply them early. For further information, please contact Paul Hale or Enrique Clemente.