The IRS had a complex audit regime for partnerships known as TEFRA. Due to the complexities of this regime, in 2015, Congress passed the Bi-Partisan Budget Act which made an entirely new audit regime. 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 made several modifications to proposed regulations regarding the designation and authority of the partnership representative. The goals of the new regime was to simplify the process in order to make Revenue Agents audit more partnership returns.
This webinar will cover what these major changes are and help practitioners to understand these changes as we expect to see more partnership audits in the future. This webinar will also look at changes to Form 1065 that relate to the new audit regime. This CPE webinar is most beneficial to professionals new to partnership rules who may be at the staff or entry level in organization and also for a seasoned professional with limited exposure to this subject.
