e-News for BBA Partnerships Issue Number 2024-4

Resources for BBA Partnerships:  

Tax Information for Partnerships

Modernized e-File (MeF) for Partnerships

Businesses with Employees

About Form 8980, Partnership Request for Modification of Imputed Underpayments Under IRC Section 6225 (c)

About Form 8985, Pass-Through - Statement Transmittal/Partnership Adjustment Tracking Report (Required under Sections 6226 and 6227)

About Form 8978, Partner's Additional Reporting Year Tax

Other Resources

IRS.gov

Find it Fast!

All Forms & Instructions

Tax Professional Home

e-Services

Issue Number:  2024-4

Inside This Issue

1. BBA Centralized Partnership Audit Regime
2. Designate or Change a Partnership Representative
3. Elect Out of the Centralized Partnership Audit Regime
4. File an Administrative Adjustment Request for a BBA Partnership
5. BBA Partnership Audit Process
6. Electronic Submission of Forms by Audited BBA Partnerships and Their Pass-Through Partners
7. OFSS Status

1.  BBA Centralized Partnership Audit Regime

NO UPDATE

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2.  Designate or Change a Partnership Representative

NO UPDATE

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3.  Elect Out of the Centralized Partnership Audit Regime

NO UPDATE

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4.  File an Administrative Adjustment Request for a BBA Partnership

A reminder for pass-through partners that received a Form 8986 related to a partnership that filed an AAR: The deadline to pay or push out further may be 9/15/2024 (see Part II, F on the Form 8986 you received). Don’t wait until the last minute to fax or mail the forms.

• Furnish a Form 8986 to each reviewed year partner of the pass-through partner.
• Submit Form 8985 and all Forms 8986 to the IRS as shown below:

* Do not batch submissions using multiple 8985s for the same source partnership and tax year. For example, Source Partnership files an AAR and furnishes Form 8986 to Pass-Through Partner. Pass-Through Partner prepares Form 8985 and Forms 8986 to further push out the adjustments to its 35 partners. Pass-Through Partner has a total submission of 109 pages (1 cover sheet, 1 Form 8985 and 35 Forms 8986). Because the total submission is over 100 pages, Pass-Through Partner cannot separate the 35 Forms 8986 into smaller batches and attached to multiple 8985s to satisfy the 100 page threshold for faxing.

Important note: The above fax number is not for general use; use only for submitting Forms 8985/8986. Faxes containing more than 100 pages, unreadable or other submissions received at this fax number will not be processed.

Be sure to only submit the Forms 8985/8986 to the IRS. Copies of other attachments provided to the partners should not be submitted to the IRS.

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5.  BBA Partnership Audit Process

NO UPDATE

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6.  Electronic Submission of Forms by Audited BBA Partnerships and Their Pass-Through Partners

A reminder for pass-through partners that received a Form 8986 related to an audited BBA partnership: The deadline to pay or push out further may be 9/15/2024 (see Part II, F on the Form 8986 you received). These must be submitted through the PBBA OFSS portal. 

If you have trouble downloading forms, email the PBBA Help Desk at LBI.BBA.eSubmit@irs.gov and we will email the blank official IRS forms to you. Please read form instructions completely before contacting the help desk for assistance with the upload and submission of BBA audit-related forms.  

If you are new to the PBBA TCC and PBBA OFSS process, please review the link to the diagram in the section "to electronically submit BBA audit forms or request push out tracking numbers, follow these steps and see an action steps diagram."

Draft Forms 8985 and 8986, with a revision date of December 2024, were released on irs.gov on June 12, 2024. Column headings in Part IV (Form 8985) and Part V (Form 8986) were changed in order at include an "as corrected" column. 

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7.  OFSS Status

PLEASE NOTE:  The PBBA OFSS PORTAL scheduled maintenance was changed. The PBBA OFSS PORTAL will be unavailable due to scheduled maintenance from Sunday, August 4, 2024, at 12:01 a.m. Eastern time until Thursday, August 8, 2024, at 5:00 p.m. Eastern time. 

Please plan accordingly and do not attempt to access the PBBA OFSS portal during the maintenance period. 

PLEASE DON'T WAIT UNTIL THE LAST MINUTE. Be sure to give yourselves enough time to submit forms and the Service enough time to consider those submissions, countersign, or request corrections, if needed, before the expiration of your submission deadline if the deadline falls within the maintenance period.  A submission must be in “accepted status" before the expiration of your submission deadline.

We apologize for any inconvenience this change may cause.

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