1065-US: Global election out of centralized audit regime (FAQ)

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Question

Can I globally elect out of the centralized partnership audit regime for all partnerships clients?

Answer

No. Currently there is no option to globally elect out of the centralized partnership audit regime due to the complicated eligibility requirements to make the election. But if there are no changes to the election conditions next year, we expect that the field to elect out on Screen OthInfo will proforma to next year’s version of the application.

Note: The partnership must have 100 or fewer partners plus shareholders in S corporation partners, and all partners in the partnership must be either an individual, corporation, S corporation, estate of a deceased partner, or an eligible foreign entity that would be treated as a corporation if it were a domestic entity.

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