San Francisco Tax Preparation / CPA: IRS Launches Partnership Audit Website

Filed in CCH NEWS FEED by on October 22, 2020

The IRS announced the launch of the Bi-Partisan Budget Act (BBA) Centralized Partnership Audit Regime website. The website intends to be a one-stop location for anything BBA-related including regulations and guidance on electronic submission instructions of forms.

Under the BBA, the IRS generally assesses and collects any understatement of tax (called an imputed underpayment) at the partnership level. A partnership is subject to BBA unless it is an eligible partnership and makes an annual election out of BBA on a timely filed Form 1065, U.S. Return of Partnership Income.

Comments are closed.