Instructions for IRS Form 1065 Schedule B-2 Election out of the Centralized Partnership Audit Regime

This document contains official instructions for IRS Form 1065 Schedule B-2, Election out of the Centralized Partnership Audit Regime - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury.

FAQ

Q: What is IRS Form 1065 Schedule B-2?
A: IRS Form 1065 Schedule B-2 is a form used for making an election out of the Centralized Partnership Audit Regime.

Q: What is the Centralized Partnership Audit Regime?
A: The Centralized Partnership Audit Regime is a set of rules and procedures that govern the auditing of partnerships by the IRS.

Q: When should I use Form 1065 Schedule B-2?
A: You should use Form 1065 Schedule B-2 if you are a partnership that wants to elect out of the Centralized Partnership Audit Regime.

Q: How do I elect out of the Centralized Partnership Audit Regime?
A: To elect out of the Centralized Partnership Audit Regime, you need to file Form 1065 Schedule B-2 with your partnership tax return.

Q: What information do I need to provide on Form 1065 Schedule B-2?
A: On Form 1065 Schedule B-2, you need to provide the name, address, and taxpayer identification number of the partnership, as well as the name, address, and taxpayer identification number of the partnership representative.

Q: Are there any deadlines for filing Form 1065 Schedule B-2?
A: Yes, Form 1065 Schedule B-2 should be filed with your partnership tax return by the due date of the return, including extensions.

Q: Can I change my election out of the Centralized Partnership Audit Regime?
A: No, once you have made the election out of the Centralized Partnership Audit Regime, it cannot be changed.