We are living in an administrative adjustment request (AAR) world. Passed as part of the Bipartisan Budget Act of 2015 (BBA), the centralized partnership audit regime (CPAR) replaced the longstanding audit rules passed as part of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA). Adjustments under the CPAR to partnership-related items are filed on an AAR. The CPAR is generally applicable to partnership taxable years beginning after Dec. 31, 2017, and provides that all adjustments to partnership-related items
Professional Insights
It’s an administrative adjustment request (AAR) world
Alexander Scott JD, LLM Senior Manager – AICPA Tax Policy & AdvocacySep 30, 2023 · 2 min read · AICPA & CIMA Insights Blog
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