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How To Maneuver New IRS Partnership Audits

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Nicholas Preusch

Nicholas Preusch

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • Oregon Tax Preparer
  • CTEC

Published: September, 2020

1 Credit

$10

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00209-20-S)

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0216)

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

1 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00209-20-S)

1 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00209-20-S)

1 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

  • Default Rules
    12 mins
  • Electing out
    18 mins
  • Updating Partnership Agreements
    26 mins
  • Imputed Understatement
    39 mins
  • Timing of Modifications
    41 mins

Course Description

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.

Learning Objectives

  • To identify how does the BBA Audit Regime Change Partnerships
  • Identify differences between BBA and audit
  • To recall the roles of the partnership representative
  • To recall the new Form 1065
  • To identify what roles practitioners need to take with these changes

Who Should Attend?

  • Bookkeeper
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Testimonial

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WD

good presentation