IRS CCA: Guidance on Late Filed AARs with ERC Issues (IRC §6227)

The Chief Counsel’s Office advised on late filed Administrative Adjustment Requests (AARs) with Employee Retention Credit (ERC) issues. The guidance states that I.R.C. §6227(c) uses mandatory language to describe the date by which a partnership must file an AAR, and the regulations do not appear to give the IRS any discretion to accept or process an AAR filed after the I.R.C. §6227(c) date or to assess an imputed underpayment (IU) shown on the AAR. The guidance also stated that AARs that lack a valid partnership representative (PR) or designated individual (DI) signature cannot be accepted or processed, and IUs shown ...