- Regulations related to partnership audit regulations were finalized in December 2022.
- The final regulations make some changes to the rules under the Bipartisan Budget Act of 2015 (BBA).
On Dec. 9, the U.S. Department of the Treasury and the IRS finalized regulations that were proposed on Nov. 24, 2020, related to the centralized partnership audit regime enacted by the BBA. The BBA generally is applicable to partnership taxable years beginning on or after Jan. 1, 2018. The final regulations, which did adopt many of the comments to the proposed regulations, include the following changes to the BBA rules.