How to Not Get Crushed by Income Tax Collection from a Partnership - Centralized Partnership IRS Audit Rules: Biggest Change in History of Part

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Apr 23, 2020

Registration: 11:30 AM / Program: 12:00 PM - 3:00 PM

Fees

Member Fee: $0.00
Nonmember Fee: $0.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

Description

Learn about Centralized Partnership IRS Audit Rules, one of the biggest changes in history of partnership taxation.  Partnerships will be taxed like C Corps if we don’t defend.

**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.

Designed For

All CPAs

Objectives

  • What is an “imputed underpayment” liability of a partnership? 
  • What is a “push out” election and how does a partnership get decimated without it?
  • May a partner do the right thing and “amend out” or “pull in”? 
  • How must partnership/LLC operating, buy-sell, contribution, dissolution and loan agreements be revised to avoid problems?
  • Who is a “partnership representative (PR)”? If we don’t choose one, IRS will for us (not even close to good)

Major Subjects

  • Not to get crushed by IRS collection of income tax from a partnership
  • How the tax preparer can decimate a partnership’s future (or save it)
  • To avoid ugly partnership level income tax at highest rate (and perhaps no basis step up for partners)
  • To protect clients by electing out of new regime - who, how, when and why
  • Congress’ Technical Corrections one month ago greatly expanded CPAR
  • To identify whether S corporations may look better than partnerships now
  • To lead your client to prepare in earnest today   

This event has already passed. If you have any questions, please contact us at 503-641-7200 or email profdev@orcpa.org.