The Partnership Audit Rules Start to Take Shape

99 Practical Strategies 4 (Oct. 2017)

47 Pages Posted: 26 Jul 2019

See all articles by Monica Gianni

Monica Gianni

California State University Northridge

Date Written: October 1, 2017

Abstract

As part of the Bipartisan Budget Act of 2015 (BBA), Congress repealed the unified partnership audit rules and the audit rules for electing large partnerships (ELPs) and replaced them with a new audit regime (the BBA audit rules). The BBA audit rules generally are effective for audits of partnership returns for tax years beginning after 2017. The BBA audit rules are a dramatic departure from the TEFRA/unified partnership audit rules. Extensive proposed regulations were issued in June 2017 and consist of 277 pages of detailed guidance on many of the BBA audit rules. The regulations are complex and tedious to work through and do not address all the new BBA audit rules. They are, however, well thought out and drafted and contain a certain symmetry that carries through all aspects of the regulations that should be beneficial in reaching final regulations that are workable to implement legislation that was perhaps not so well thought out. This article sets forth the rules for partnership audits based on the authorities issued to date as the BBA audit rules start to take shape.

Keywords: BBA audit rules, TEFRA, partnership audit

JEL Classification: K34

Suggested Citation

Gianni, Monica, The Partnership Audit Rules Start to Take Shape (October 1, 2017). 99 Practical Strategies 4 (Oct. 2017), Available at SSRN: https://ssrn.com/abstract=3423959

Monica Gianni (Contact Author)

California State University Northridge ( email )

David Nazarian College of Business and Economics
18111 Nordhoff
Northridge, CA 91330-8372
United States
8186772449 (Phone)

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