By Sally P. Schreiber, J.D.
The IRS on Tuesday finalized proposed regulations under Sec. 6223 (REG-136118-15) on the procedures for designating a partnership representative and the authority of the partnership representative under the centralized partnership audit regime (T.D. 9839). The regulations also finalized proposed regulations (REG-105005-16) regarding the time, form, and manner for making the election to apply the regime to partnership tax years beginning after Nov. 2, 2015, and before Jan. 1, 2018, and removed the temporary regulations on which the proposed regulations were based.