Temporary Regulations Allow Early Election to Apply New Partnership Audit Rules

IRS published TD9780 today. The temporary regulations describe how taxpayers can elect to apply the new partnership audit changes to returns filed for taxable years after November 2, 2015, and before January 1, 2018. This regulation provides the time, form, and manner for a partnership to make an election to have the new partnership audit process apply to any of its partnership returns that meet the required timeline.