Importance of a Partnership Agreement under BBA

1 IRS CE/CTEC/NASBA CPE*

This 1 hour course provides a practitioner-level overview of the Bipartisan Budget Act (BBA) centralized partnership audit regime and its impact on partnership agreements. Participants will learn how the new audit rules shift authority to the Partnership Representative (PR), alter partner level rights, and change how adjustments, assessments, and elections are handled. The course emphasizes the compliance implications for tax professionals, including electing out of the regime, push out elections, reviewed vs. adjustment years, and the statutory requirements that should be reflected in updated partnership agreements. Practical guidance is provided to help CPAs advise clients, identify risk areas, and collaborate effectively with legal counsel when partnership agreements require revision.

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*Self-Study recording available for IRS CE Credit only (NO CPE)

NASBA Field of Study: Taxes

IRS Program #: 7Q3WU-T-00977-26
CTEC Course #: 6248-CE-00330