HOW TO MANEUVER NEW IRS PARTNERSHIP AUDITS
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Course Details

Overview of Topics

  • Default Rules12 mins
  • Electing out18 mins
  • Updating Partnership Agreements26 mins
  • Imputed Understatement39 mins
  • Timing of Modifications41 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.

Webinar Qualifies for

  • 1 CPE credit of Taxes for all CPAs
  • 1 CE credit of Federal Tax Subjects for CRTPs (CTEC Approved - 6273)
  • 1 CE credit of Federal Tax for Oregon Tax Preparers
  • 1 CE credit of Federal Tax for Maryland Tax Preparers
  • 1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )
  • 1 General Educational credit for Tax Professionals/Bookkeepers/Accountants

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

About Presenter

Nicholas Preusch, CPA

Accounting Manager,PBMares, LLP

npreusch@gmail.com

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

Nicholas Preusch, CPA, JD, LLM, is a tax manager with PBMares, LLP. Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).


Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  1. A partnership must have less than how many partners to opt out of the BBA
  2. If a partner is a trust in a partnership, then:
  3. Partners leaving a partnership can:
  1. The BBA replaced what type of IRS Audit?
  2. Under the BBA, partnerships are taxed at:
  3. The IRS announced they will do:
  4. Partnerships agreements need to:
  5. BBA Partnerships are supposed to:

FAQ

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  • Cost $10
  • CPE Credits 1
  • CE Credits 1
  • IRS Course ID GEHNZ-T-00209-20-S
  • CTEC Course ID 6273-CE-0216
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date September 01 ,2020
  • Published Date September 01 ,2020
  • Who should attend? Enrolled Agent Tax Practitioners Bookkeeper CPA - Small Firm CPA - Mid Size Firm Tax Pros Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Accountant (Industry) Tax Director (Industry) Tax Managers Tax Preparer
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

HOW TO MAXIMIZE THE IMPACT OF CARES ACT
Wednesday, September 16, 2020 View Details/Register
MERCHANT ACCOUNT NIGHTMARES: THE SHADY WORLD OF CREDIT CARD PROCESSING FEES
Wednesday, September 16, 2020 View Details/Register
QBO: FOR PROGRESS INVOICING AND JOB COSTING WITH LATEST UPDATES
Monday, September 14, 2020 View Details/Register
QUICKBOOKS ONLINE FOR ACCOUNTANTS WORK CENTRE - MANAGING YOU PRACTICE
Wednesday, September 09, 2020 View Details/Register
QBO RUNNING REPORTS - INFORMATION, ANALYSIS & BETTER DECISION
Monday, September 14, 2020 View Details/Register
CREDIT CARDS IN QBO - SEAMLESS PAYMENTS FROM CLIENT
Monday, September 14, 2020 View Details/Register
QBO: BUILD RIGHT CHART OF ACCOUNTS - BASE FOR ACCOUNTING AND READING FINANCIAL STATEMENT
Thursday, September 10, 2020 View Details/Register
Accounting Changes and Error Corrections (2 CPE)
Thursday, August 27, 2020 View Details/Register
S CORPORATION PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS - FORM 1120S SCHEDULE K & K-1 ANALYSIS
Tuesday, September 08, 2020 View Details/Register
QUALIFIED BUSINESS INCOME (QBI) DEDUCTION (IRC §199A) DETAILED STUDY, ANALYSIS,CALCULATIONS,CASE STUDIES, INS & OUTS (LATEST)
Thursday, September 03, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)
Tuesday, September 01, 2020 View Details/Register
VIRGINIA CPA ETHICS: 2020 REQUIRED COURSE
Monday, August 17, 2020 View Details/Register
Tax Practitioner Ethics
Thursday, August 27, 2020 View Details/Register
PARTNERSHIP PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS–FORM 1065 SCHEDULE K & K-1 ANALYSIS
Tuesday, August 25, 2020 View Details/Register
ETHICS FOR OREGON CPAs
Friday, August 21, 2020 View Details/Register