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Starting with returns filed for the 2018 tax year, new rules apply to IRS examinations of partnership income tax returns. We will review the new procedures, when they benefit taxpayers and when they do not, and planning in light of the rules. You will learn:
- Procedures if the partnerships cannot or do not elect out of the rules.
- Electing out of the rules - how to qualify (and many surprisingly don't) and how to elect
- The partnership representative's surprisingly broad authority and how a partnership agreement (including an operating agreement) might address that person's duties to the partnership (including LLC)
- How to navigate the procedures to ensure fairness to all and try to reduce administrative burdens that the rules impose on taxpayers
Upon successful completion of this course, participants will be able to:
- Identify the new partnership audit rules
- List issues to consider when drafting partnership sale agreements or operating agreements
- Identify how to use business entities to save tax on investments
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