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New Partnership Audit Rules

Nicholas Preusch

YHB | CPAs & Consultants

Tuesday, March 17, 2020 | 04:00 PM EDT

  • CPA

1 Credit

$10

Subject Area

Auditing

Upcoming Webinars

Course Description

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.

The new partnership audit rules have the audit done at the partnership level and all taxes due are paid by the partnership. In addition, the new rules replace the Tax Matters Partner with a Partnership Representative. For every partnership return, the company will need to make decisions such as if they want to elect out of these new rules if they are eligible to elect out, who should be the partnership representative and what malpractice issues do the practitioners need to worry about.

Major Topics Covered:

  • TEFRA/Non-TEFRA Old Rules
  • Bi-Partisan Budget Act of 2015
  • Increased IRS Audits of Partners

Learning Objectives

  • To learn about the new rules and the different traps practitioners may face when preparing partnership returns.
  • To understand different elections that are available for taxpayers
  • To learn how the new partnership audit rules will function.
  • To learn about different things business entities can do in order to protect the partner’s interest as best as possible.

Who Should Attend?

  • CEO
  • CFO/Controller
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Finance Pros
  • Legal Professionals
  • Others
  • Outsourced CFO
  • Tax Attorney
  • Tax Firm
  • Tax Practitioners
  • Tax Pros
  • VP Accounts
  • VP Finance