IRS Issues Rules for Examinations in Partnership Audit Regime (Correct)

The IRS released rules governing examinations under the centralized audit process for partnerships created by a 2015 budget law.

The final rules, (TD 9969, RIN: 1545-BP01), issued Thursday, exempt certain partnership-related items from the audit regime and lay out alternative rules for examining those items. The rules also updates existing regulations to reflect tax-code changes, the IRS said in a summary of the regulations.

The final rules follow proposed rules issued on these topics in 2020.

The centralized partnership auditing process was created under the Bipartisan Budget Act of 2015 and took effect for tax years beginning in January ...