Washington, D.C. (March 14, 2016) – The American Institute of CPAs (AICPA) has requested that the Internal Revenue Service (IRS) extend the deadline for submitting comments on Notice 2016-23, which requests responses to a series of specific questions related to the new centralized partnership audit regime established by the Bipartisan Budget Act of 2015, P.L. 114-74.
“We understand the need for moving this process forward quickly, however this deadline falls just three days before the filing deadline for partnership, individual, estate and trust tax returns covering calendar year 2015,” Troy L. Lewis, CPA, CGMA, wrote in the March 11 letter. “The AICPA respectfully requests that the IRS extend the deadline for responses to Notice 2016-23 until May 31, 2016 to allow our members time to review the issues raised by the notice and provide thoughtful and meaningful feedback to the IRS.”
The AICPA letter also noted the Institute’s appreciation that the IRS is “reaching out early in the process of developing the necessary regulations, forms and procedures to properly implement these new rules.”