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
Course is unavailable for purchase.
NASBA Field of Study
Taxes
Level
Update
CPE Credits
3.0
Prerequisites
Basic understanding of federal taxation of partnerships.
Last Updated
08/30/2018
14353
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