{"id":843,"date":"2020-09-03T16:07:31","date_gmt":"2020-09-03T16:07:31","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=843"},"modified":"2020-09-03T16:07:34","modified_gmt":"2020-09-03T16:07:34","slug":"irs-launches-bba-centralized-partnership-audit-webpage","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/irs-launches-bba-centralized-partnership-audit-webpage\/","title":{"rendered":"IRS launches BBA centralized partnership audit webpage"},"content":{"rendered":"\n<p>IR-2020-199, September 1, 2020<\/p>\n\n\n\n<p>WASHINGTON- The IRS announces the launch of the Bi-Partisan Budget Act (BBA) Centralized Partnership Audit Regime&nbsp;<a href=\"https:\/\/www.irs.gov\/businesses\/partnerships\/bba-centralized-partnership-audit-regime\">webpage<\/a>.<\/p>\n\n\n\n<p>The Centralized Partnership Audit Regime replaces the Tax Equity and Fiscal Responsibility Act (TEFRA) and the electing large partnership rules. The centralized partnership audit regime, or BBA, is generally effective for tax years beginning January 2018. Under the BBA, the IRS generally assesses and collects any understatement of tax (called an imputed underpayment) at the partnership level.<\/p>\n\n\n\n<p>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. An eligible partnership is one with 100 or fewer partners, all of whom are either individuals, C corporations, foreign entities that would be treated as a C corporation if it were domestic, S corporations or estates of deceased partners.<\/p>\n\n\n\n<p>The new webpage is intended to be a one-stop location for anything BBA-related, including regulations and other guidance and instructions related to the Partnership Representative (PR), electing out of the centralized audit regime, Administrative Adjustment Requests (AARs) and what to expect during a BBA administrative proceeding.<\/p>\n\n\n\n<p>Taxpayers are encouraged to visit\u00a0the\u00a0<a href=\"https:\/\/www.irs.gov\/businesses\/partnerships\/bba-centralized-partnership-audit-regime\">webpage<\/a> often for information, including electronic submission instructions of forms related to a BBA examination when those instructions are available. <a href=\"https:\/\/www.irs.gov\/newsroom\/irs-launches-bba-centralized-partnership-audit-webpage\">https:\/\/www.irs.gov\/newsroom\/irs-launches-bba-centralized-partnership-audit-webpage<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IR-2020-199, September 1, 2020 WASHINGTON- The IRS announces the launch of the Bi-Partisan Budget Act (BBA) Centralized Partnership Audit Regime&nbsp;webpage. The Centralized Partnership Audit Regime replaces the Tax Equity and [&hellip;]<\/p>\n","protected":false},"author":88892,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-843","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS launches BBA centralized partnership audit webpage - Ayoub Sidhum &amp; Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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