Repeal of the TEFRA Entity Level Audit Rules Under the Bipartisan Budget Act of 2015

By Jerald David August
Journal of Tax Practice & Procedure
August - September 2016 Edition

The Bipartisan Budget Act of 2015, which President Obama signed into law on November, 2015, repealed the complex and much-criticized TEFRA partnership entity-level audit (ELA) rules, including the electing large partnership rules. On December 18, 2015, Congress passed, and President Obama signed into law, the Protecting Americans from Tax Hikes (PATH) Act of 2015. This act sets forth certain corrections to the new audit rules.