Reminders

Bipartisan Budget Act. The Bipartisan Budget Act of 2015 (BBA) created a new centralized partnership audit regime that applies to a REMIC for tax years beginning after 2017. Under the centralized partnership audit regime, any adjustments to the partnership-related items of a REMIC are determined at the REMIC level.

Partnership representative (PR). Under the centralized partnership audit regime, a REMIC is required to designate a PR if it had more than one residual interest holder at any time during the tax year and it didn’t elect out of the centralized partnership audit regime. The PR will have the sole authority to act on behalf of the REMIC under the centralized partnership audit regime. The person designated by the REMIC as the PR must have a substantial presence in the United States. For more information, see Designation of Partnership Representative, later.

Total assets at end of the tax year. If there are no assets at the end of the year enter -0-.