The Partnership Audit Rules Under the Bipartisan Budget Act (Portfolio 629)

Description

Tax Management Portfolio The Partnership Audit Rules Under the Bipartisan Budget Act, No. 629, discusses the rules enacted by the Bipartisan Budget Act of 2015 that govern partnership audits and adjustments. The Portfolio addresses procedural issues, including those relating to the partnership representative, and the steps involved with an audit and judicial review. The Portfolio also discusses the various ways in which an adjustment might be taken into account, which may affect the amount that must be paid and who bears the benefits or burdens of an adjustment.

This Portfolio may be cited as Kraus, 629-1st T.M., The Partnership Audit Rules Under the Bipartisan Budget Act.

Table of Contents

I. BBA Audit Rules

II. Scope of BBA

III. Partnership Representative

IV. Consistent Returns

V. Treatment of Adjustments Made as a Result of an IRS Audit

VI. Administrative Adjustments Requests (AARs)

VII. Amendments to Schedules K-1

VIII. Taxes, Withholding and Reporting Obligations Not Imposed Under Chapter 1

IX. Controlled Foreign Corporations and Passive Foreign Investment Companies

X. BBA Audit Procedures