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New Partnership Audit Rules: Planning Ideas and Practical Observations

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Centre Club - Tampa

123 S Westshore Blvd

8th Floor

Tampa, FL 33609

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Description

The Bipartisan Budget Act of 2015 (BBA) overhauled the IRS audit process for partnerships and LLCs, requiring virtually all of them to restructure their governing documents. Beginning in 2018, the IRS Assessment and collection of underpaid taxes, penalties and interest takes place at the partnership level. Although several options exist to mitigate the amount of partnership-level underpayments, a decision is not so easy when adverse interests are involved (and as we will show, this frequently could be the case).

During this presentation, Nate Smith will review the new partnership audit rules and what partners and their advisors should do now to prepare for them. Planning for contingencies involving these rules will help the partnership, the partners and the “partnership representative” avoid contentious situations.

Learning Objectives
At the conclusion of this course, participants will be able to:

  • Describe the BBA’s new partnership audit regime, including a summary of existing regulations and guidance, and areas of uncertainty

  • List options available under the new rules to mitigate the imputed underpayment at the partner ship level

  • Explain the impact that the new rules may have on partners and partnerships, including several examples to demonstrate “routine” situations that can become contentious among the partners

  • Recognize the importance of partnership/LLC agreement amendments to manage potential conflicts under the new rules

  • Summarize the role of the “partnership representative” during the audit process

Presenter

Nate Smith - Director, CBIZ National Tax Office

CPE: 1 CPE credit in Taxes

Additional Information

Pre-Registration Required

Breakfast Provided

Deliery Method: Group Live

Prerequisites: None

Advanced Preparation: None

Program Level: Update

Cost: No Fee

Who Should Attend: CFOs, CEOs, business owners and financial executives.

For more information regarding refund, complaint, and program cancellation policies, contact Jennifer Heckner at 727.572.1400 or jheckner@cbiz.com.

CBIZ, Inc. is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.learningmarket.org

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Date and Time

Location

Centre Club - Tampa

123 S Westshore Blvd

8th Floor

Tampa, FL 33609

View Map

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