Authorization to require large partnerships to file on magnetic media

(a) In general Section 6011(e) is amended— (1) by striking the first paragraph (6), as added by section 2301(b) of the Taxpayer First Act, and inserting the following: (6) Partnerships required to file on magnetic media Notwithstanding paragraph (2)(A), the Secretary shall require a partnership to file returns on magnetic media if, at the close of the partnership's taxable year— (A) the partnership has more than 50 partners, or (B) the value of the partnership’s assets equals or exceeds $1,000,000, as determined under regulations prescribed by the Secretary., and (2) by redesignating the second paragraph (6), as added by section 202(d) of the Setting Every Community Up for Retirement Enhancement Act of 2019, as paragraph (7). (b) Effective date The amendments made by this section shall apply to returns filed on or after January 1 of the first calendar year beginning after the date of enactment of this Act.