Massive Change in Partnership Taxation: Centralized Partnership Audit Rules

Authored by Bradley Burnett
About this Course
Topics covered include: Avoid getting crushed by IRS collection of income tax from a partnership; How can the tax preparer can decimate a partnership's future (or not); Avoid ugly partnership level income tax at highest rate (and no basis step up for partners); Steps a tax preparer can use to safely extricate a client from CPAR devastation; Protect clients by electing out of new regime - who, how, when and why; Congress' Technical Corrections in 2018 ago greatly expanded CPAR; Identify whether S corporations may look better than partnerships now; Lead your client to prepare in earnest today. Upon completing this course, you should be able to: Explain IRS centralized partnership audit rules; Discuss necessary steps with Clients to avoid potential problems on audit; Recognize the Partnership Documents and how they should be changed; Describe correct statements, rules, and requirements with regard to CPAR; Identify advantages and differences to a partnership of the 'amend out' or 'pull in'; Describe the 'push out' election; Identify recommendations for how to best prepare for CPAR; Describe how the new CPAR rules are effective for and what they replace; Identify which form to use for an early election into CPAR; Differentiate exit ramps with respect to the new CPAR rules; Describe characteristics of a partnership and the regulations in various situations; Recognize what occurs is a partner elects the amend out procedure; Identify characteristics of intervening year.
$ 80.00
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NASBA Field of Study
Taxes
Level
Update
CPE Credits
3.0
Prerequisites
Basic understanding of federal taxation of partnerships.
Last Updated
08/30/2018
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