How to Elect Out of the Centralized Partnership Audit Regime - IRS Form 1065 Schedule B-2

After the passing of the BBA, the centralized partnership audit regime was designed to make it easier for the IRS to audit partnerships and collect underpaid tax dollars.

For U.S. partnerships meeting certain criteria, there is an option to elect out of the centralized partnership audit regime.

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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.