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Corduroy Frog

Centralized Audit Regime

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I realize I am showing my ign'erts, but what on earth is this?  Sounds like a gestapo.

Actually I've run into this as a Sch B-1 to Form 1065.  Allows partners to "bail out" of the Centralized Audit Regime, whatever that is.  What would be the difference if they didn't bail out??

I have done some reading, but it's like trying to hypnotize a fence post...Ever whut it is, it's new.

 

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The Bipartisan Budget Act made changes to the way partnerships are audited and allows the IRS to assess and collect tax at the entity level. Prior to its passage, any assessments were collected from partners.
Here's a pretty good summary that explains it: 
https://www.thetaxadviser.com/issues/2018/jul/irs-final-regs-electing-out-centralized-partnership-audit-regime.html#:~:text=The BBA brought in a,generally effective for most partnerships.

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