Course ID: PTEGR4

Partnership Tax Exams: Getting Ready for the Major Changes

While searching for a source of revenue enhancement for the 2015 budget, Congress decided to radically change the way partnership tax returns are examined in the Bipartisan Budget Act of 2015 (BBA). The new regime applies to tax years beginning in 2018, but partnership agreements will be modified as we approach the beginning date. This course will allow you to help partnerships make decisions regarding changes that may be made to partnership agreements, plus ready you to assist partnerships with future tax exams.


LEARNING OBJECTIVES
  • List the three types of partnership exams Advise clients regarding electing an early application of the BBA audit regime Recognize partnerships eligible to opt out of the BBA regime Represent partnerships in examinations conducted under the BBA regime

MAJOR TOPICS

Small partnership audit rules under TEFRA and BBA, as well as the pros and cons of opting to use those procedures

  • The TEFRA centralized audit rules, how they work and why Congress decided the system was no longer effective
  • The basics of the new system-how a partnership tax is imposed under the new regime
  • Partnerships eligible to opt out of the new regime, as well as those types of partners that render a partnership ineligible to opt out The option to “push out” adjustments to partners in lieu of making a partnership payment of tax

DESIGNED FOR
CPAs who work with tax matters with partnerships.

FIELD OF STUDY
Taxes

PREREQUISITES
Understanding of partnership tax law

COURSE PRODUCER
Loscalzo Associates

CPE CREDITS
4.0

LEVEL
Intermediate
 

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