The IRS has issued proposed regulations that add to (or amend) centralized partnership audit regime guidance. The new centralized partnership audit regime went into effect last month. The proposed regs provide guidance on how partnerships and their partners adjust tax attributes to take into account partnership adjustments under the new regime. They fill in a number of gaps in areas that were “reserved” in proposed regs issued in June 2017. Give us a call if you would like to discuss how the audit regime affects your partnership.