This document contains corrections to Revenue Procedure 2017–40, as published on Monday, June 26, 2017 (I.R.B. 2017–26, 1339). In particular, this announcement corrects the following administrative item.

Correction 1: In Section 8.2.1 Effect on Other Documents, the Revenue Procedure reference incorrectly appears as 2015–55, 2015–49, I.R.B. 788. The correct reference is Revenue Procedure 2016–34, 2016–26, I.R.B 1072.

This document contains proposed regulations implementing the centralized partnership audit regime enacted by the Bipartisan Budget Act of 2015 (BBA). These proposed regulations provide rules for partnerships subject to the new regime, including procedures for electing out of the centralized partnership audit regime, filing administrative adjustment requests, and the determination of amounts owed by the partnership or its partners attributable to adjustments that arise out of an examination of a partnership. The proposed regulations also address the scope of the centralized partnership audit regime and provide definitions and special rules that govern its application, including the designation of a partnership representative. The proposed regulations affect partnerships for taxable years beginning after December 31, 2017 and any partnerships that elect application of the centralized partnership audit regime pursuant to §301.9100–22T for taxable years beginning after November 2, 2015 and before January 1, 2018.