New Centralized Partnership Audit Rules
Total Credits: 2 including 2 Taxes - Technical
- Average Rating:
- 0
- Categories:
- ACPEN Industry Institute | ACPEN Tax Institute | IRS Approved | Tax
- Speaker:
- Bradley Burnett, J.D., LL.M.
- Course Levels:
- Update
- Duration:
- 2 Hours
- License:
Description
Effective in 2018 (coming like a freight train), the TEFRA partnership audit rules are axed and a whole new regime kicks in. Under the new rules, partnerships (and LLCs) will become strange new beasts potentially taxed like C corps. Do these new "tax procedure" rules spell the beginning of the end for partnerships as we know them? Escape routes are available, but not for all. Advance planning is a must to avoid train wrecks of biblical proportion.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.
Basic Course Information
Learning Objectives*To understand how to advise partnerships to posture to sidestep and mitigate the harsh new effect of IRS dramatically broadened audit powers
*To learn how to prevent a partnership from becoming a strange new beast taxed at least in part as a C corporation
Major Subjects
*Out with the old (TEFRA and ELP), and in with the new
*Who can elect out of the new regime?
*But wait, if you can’t elect out, can you switch things up so you can?
*What is an "imputed underpayment" collectible against the partnership anyway?
*What is a "push up" election and how does a partnership get decimated without it?
*Is it true Congress has eliminated basis step up in a partner’s interest for income fleshed out in an IRS exam?
*How must partnership (and buy sell) agreements be revised to keep it all fair?
*Who is a Tax Representative anyway? Do they have any skin in the game? How to choose one and limit their power
*What affirmative actions must the tax preparer and planner take to avoid a parade of horribles?
Course Materials
| New Centralized Partnership Audit Rules_Slides (0.14 MB) | Available after Purchase | ||
| Important CPE Credit Information_READ BEFORE WEBCAST UPDATED (0.47 MB) | Available after Purchase | ||
| IRS CE Credit Request Form (0.15 MB) | Available after Purchase | ||
Speaker
Bradley Burnett, J.D., LL.M. Related Seminars and Products
Bradley Burnett practices tax law in Colorado. After undergraduate (Business Administration/Accounting) school and law (J.D.) school, he earned a Master of Laws in Taxation (LL.M.) from the University of Denver School of Law Graduate Tax Program. After stints at national and local accounting firms and a medium sized Denver law firm, he established his own law firm in 1990, He has delivered more than 3,300 presentations on tax law to CPAs, attorneys, EAs and others throughout all fifty U.S. states, Washington, D.C. and seven countries. Bradley served four years as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and occasionally pinch-hit in the IRS practice and procedure field. He authors and teaches tax materials for Commerce Clearing House (CCH), has received the Illinois Society of CPAs Instructor Excellence Award and five times has been the most requested, top-rated presenter at annual state CPA tax institutes. His seminar style is briskly paced delivery of practical insights with humor.
Additional Info
Basic Course Information
Prerequisites NoneAdvanced Preparation None
Designed For Anyone who works with partnerships from a planning or compliance perspective. Anyone who owns a partnership interest and cares to not be devastated by IRS’ extraordinarily broad new powers.
Original Recording Date 09/28/2016
Yellow Book No
Course Developer Bradley Burnett Tax Seminars, Ltd.
Date Added to Catalog 09/14/2016
Additional Information
Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).Official Registry Statement
Business Professionals' Network, 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 submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Instructional Delivery Method Group Internet Based
Course Registration Requirements
Online Registration
Refund/Cancellation Policy
Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.