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Centralized Partnership Audit Rules

Centralized Partnership Audit Rules

2 Credits

$50

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00195-20-S)

2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0206)

2 CE credit of Federal Tax Law for 2021 Annual Filing Season Certificate program( IRS Approved : GEHNZ )

2 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00195-20-S)

2 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00195-20-S)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Before starting this self study program, please go through the instructional document.

Overview

  • TCJA - §199A Pass-Through Deduction
    4 mins
  • Imputed Underpayment
    12 mins
  • Scope of CPAR
    20 mins
  • The CPAR Options
    22 mins
  • Partnership Representative
    61 mins
  • Agreements Affected by CPAR
    69 mins
  • State Conformity with CPAR
    80 mins
  • Planning for CPAR
    87 mins

Course Description

Partnerships Taxed Like C Corps "If We Don’t Defend - IRS Audits Rules Potentially Expensive"

The "Bipartisan Budget Act of 2015" enacted a new centralized partnership audit regime, which is generally effective for taxable years beginning after Dec. 31, 2017.Effective in 2018 (coming like a freight train), a whole new IRS partnership audit regime (New Centralized Partnership IRS Audit Rules (CPAR)) kicks in. Partnerships (and LLCs) will become strange new beasts taxed like C Corps. Is this the beginning of the end for partnerships as we know them? Escape routes are available, but not for all. Advance planning is a must to avoid a massive train wreck. All partnership and LLC operating agreements must be amended now.

The IRS has made sweeping changes in his Centralized Partnership Audit Rules (CPAR) and those changes could bring nasty surprises for partnerships that aren't prepared. There are critical changes that might need to be made in your partnership clients' documents today in order to avoid potential disaster down the road on audit.

Understand how the new regime will be implemented in conjunction with previously-promulgated rules allowing for an election out of the regime. Learn how to identify critical operational provisions and effectively navigate partnership audits under the new regime. Course topics cover the scope of the new rules, partnership representative determinations, treatment of partnership items by the partners, push-out partnership adjustment elections, notices of proceedings and adjustments, and more.The new rules make significant changes in the way partnerships interact with the IRS during audits, including a new election to opt out of the regime and the requirement to select a partnership representative. This webinar reviewed the new rules and provided valuable information to help partnerships and their owners prepare for changes ahead. 

Key highlights:

  • Explain how the new partnership audit rules are different from the current rules 
  • Identify actions taxpayers will be required to take on their tax returns 
  • Identify steps that can be taken now to prepare for the new rules

This webinar is designed for all CPAs, EAs, tax preparers and staff who work with partnership taxation issues.

Learning Objectives

  • To recognize the new Centralized Partnership Audit Rules
  • To identify new rules and regulations when filing Partnership returns
  • To learn how to Interpret strategies for effective planning
  • To recognize Demonstrate that clients are meeting compliance regulations
  • To identify recommendations for how to best prepare for CPAR

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounts Director
  • Enrolled Agent
  • Entrepreneurial Accountant
  • Tax Accountant (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros

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