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The New IRS Partnership Audit Rules   Updated

CATEGORY: Taxation
COURSE ID: CLIRPT, VERSION 3.00
(52)
Online & Mobile, Download
3 CPE Credits
Level: Basic

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.

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