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Notice 2019-06: Future regulations will address centralized partnership audit regime

Future regulations, centralized partnership audit

The IRS has released an advance version of Notice 2019-06 announcing that the IRS and Treasury Department intend to issue proposed regulations to provide that:

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  • The IRS may determine that the centralized partnership audit regime will not apply to adjustments to partnership-related items in certain limited circumstances; and 
  • Partnerships with a qualified subchapter S subsidiary (QSub) are not eligible to elect out of the centralized partnership audit regime except by applying a rule similar to the rules for S corporations under section 6221(b)(2)(A) to the QSub partner.


Read Notice 2019-06 [PDF 41 KB]

For the full text, read TaxNewsFlash

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