On November 15, Treasury officials made the following important public statements relevant to the BBA partnership audit rules:
- They said that the development and publication of Treasury regs about the partnership audit rules are the Treasury’s top regulatory priority.
- They strongly implied that the pending BBA proposed regs will be issued as final regs on a date significantly in advance of the January 1, 2018 BBA effective date for 2018 partnership years.
- Key BBA issues that the Treasury intends to address soon are the conditions that partnerships must meet in order to elect out of the BBA rules.
- Treasury also implied that in the relatively near future, it will issue new proposed regs about the BBA rules.