On 9 December 2022, Treasury and the IRS published final regulations relating to the centralized partnership audit regime. These “2022 Partnership Audit Regulations” generally follow the framework in the proposed regulations on the topic issued on 24 November 2020. Most notably, the 2022 Partnership Audit Regulations provide further guidance and clarification on certain partnership-related items that may be excepted from the centralized partnership audit regime and alternative rules that may apply to such excepted items.