Understanding the New Centralized Partnership Audit Regime – Part One
This is the first of a series of three posts on the new centralized partnership audit regime that came into effect in 2018 under the Bipartisan Budget Act, replacing the old TEFRA procedures with new partnership-level adjustments. This first article provides an overview of the primary differences between the BBA regime and that of the old TEFRA procedures. The second article takes a deep dive into the Code and Treasury Regulations, explaining each new provision