The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) offers tax relief which may be beneficial to entities taxed as partnerships. These provisions include (i) retroactive relief for entities taxed as partnerships by temporarily increasing the interest deduction limitation from 30% to 50% of adjusted taxable income, and (ii) clarifying that “qualifying investment property” qualifies for bonus depreciation. These changes are retroactive to the 2018 and 2019 tax years. On April 8th, the IRS issued Rev. Proc. 2020-23 to provide procedures for partnerships subject to the Centralized Partnership Audit Regime enacted in the Bipartisan Budget Act of 2015, which includes partnerships that either did not or could not elect out of the Centralized Partnership Audit Regime provisions (“BBA Partnerships”), to allow a BBA Partnership to amend its Form 1065 U.S. Return of Partnership Income. In the absence of Rev. Proc. 2020-23, a BBA Partnership could not amend its Form 1065. Its only means of taking advantage of the retroactive CARES Act provisions would have been the filing of an Administrative Adjustment Advance, which only benefits a partner on a current income tax return, many of which would not have eligible for filing until 2021. The ability to amend the Form 1065, provides for a more immediate benefit for BBA Partnerships and their partners.