New Partnership Audit Rules and Forms

CSEA/MSEA USE PROMO CODE "MEMBERS"

10:00a - 11:30a Board Meeting - Everyone is invited.
12:00pm - 12:15pm President Announcement
12:15pm - 2:00pm Webinar

Recommended to test connection prior to webinar
This webinar qualifies for 2 IRS CE, 2 NASBA CE & 2 CTEC CE
IRS Course #: 7Q3WU-T-00181-20-O
CTEC Program #: 6248-CE-0096

This program is designed to teach you the essentials with respect to handling an IRS audit under the new audit rules for partnership. The changes are designed to streamline the audit of partnership returns.

The Bipartisan Budget Act of 2015 (BBA) replaced the existing rules for auditing large partnerships with a new set of streamlined rules that take effect January 1, 2018. The new audit rules also apply to any entity that elects to be treated as a partnership for income tax purposes (i.e., LLC).

The course will cover the following key topics:

• Form 1062, Line 25
• Schedule B-2, Election Out of the Centralized Partnership Audit Regime
• Partnership representative – Who is this person?
• Handling a partnership audit under the new rules
• Amending Schedule K-1s – can I do this?
• Updating the partnership agreement
• Effective date