Tag Archive: "Bipartisan Budget Act"
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Extending but Still Filing Before the Original Due Date
As a refresher with the upcoming filing due dates approaching, the Bipartisan Budget Act (BBA) partnership audit rules, which affect all partnerships except those that make an annual election out, significantly changes the way partnership tax returns can be adjusted after filing. Under these rules, partnerships are barred from using an amended Form 1065 and […]
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Partnership Administrative Adjustment Requests
Four years ago, the Bipartisan Budget Act of 2015 (BBA) replaced the Tax Equality and Fiscal Responsibility Act of 1982 (TEFRA), creating the Centralized Partnership Audit Regime (CPAR) for tax years beginning on or after January 1, 2018. Under the BBA audit procedures, the IRS can make adjustments, determine an imputed tax, and assess and […]