- NY Credits : 3.0
- TX Credits : 3.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 3.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 3.0
The Bipartisan Budget Act of 2015 (BBA) revolutionized how the IRS approaches partnership audits. The old TEFRA audit regime has been jettisoned in favor of new set of centralized partnership audit rules, which imposes a partnership-level obligation for amounts due to audit adjustments and does away with the tax matters partner in favor of a partnership representative, among other significant changes. Hundreds of pages of proposed regulations were issued to implement these changes. Final regulations were subsequently issued and became effective August 9, 2018. They generally affect partnerships for tax years beginning after December 31, 2017. The final regulations made several modifications to proposed regulations regarding the designation and authority of the partnership representative. This course is most beneficial to professionals new to partnership rules who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this subject.
This course is most beneficial to professionals new to partnership rules who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this subject.
Upon successful completion of this course, the user should be able to:
recognize the difference between TEFRA audits and centralized partnership audits, procedures used by the IRS in centralized partnership audits, the effect of imputed underpayment on outside basis and capital accounts, and how bankruptcy code affects centralized partnership audit rules;
identify partnership representative qualifications, bases for requesting modification to an imputed understatement, consequences of adjustment on an imputed underpayment, consequences to a push out election on partners, and centralized partnership audit issues concerning RICs and REITs;
recognize procedures for electing out of centralized partnership audit regime;
calculate imputed underpayment and safe harbor amounts related to push out statements; and
identify procedures necessary for requesting administrative adjustment and effect of a partnership termination on partnership adjustments.