In February 2017, Ropes & Gray LLP issued a client alert discussing material aspects of the proposed regulations released by the Department of Treasury implementing the partnership audit provisions of the Bipartisan Budget Act of 2015. The Bipartisan Budget Act rules created a new regime for auditing partnerships, repealing the Tax Equity and Fiscal Responsibility Act rules that have been in place since 1982. The proposed regulations provide much-needed guidance on a number of issues.
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