The New Partnership Audit Procedures
Beginning in 2018, Congress enacted entirely new partnership examination procedures that replace the long-standing TEFRA audit procedures. Get an overview of the new examination process.
The examination process dramatically changes and new terms & definitions must be understood. Virtually all existing partnership agreements must be reviewed and revised.
- Overview of the New Partnership Examination Regime
- Who "acts" for the partnership
- Opt-out provisions in the rules
- Tax at the partnership level
- Avoiding tax at the partnership level and limitations
- Representing the partnership and/or partners in an examination
- Essential partnership agreement provisions
- Unanswered matters including state tax authority responses
- Identify the new partnership examination process
- Determine the alternatives to imposition of tax at the partnership level
- Recognize partnership agreement issues that must be addressed with legal counsel
- Recognize and avoid conflicts of interest when advising and representing the partnership and/or partners
CPAs and tax professionals.
Applicable if you are a HSCPA member in good standing.
Applicable if you are not a HSCPA member.