The new IRS partnership audit rules are just about here, becoming effective for partnership tax years beginning on or after Jan. 1, 2018. Enacted as part of the Bipartisan Budget Act (BBA), the new rules repeal the existing Tax Equity and Fiscal Responsibility Act, or TEFRA, rules and generally require tax on underpayments to be paid at the partnership level. With 2018 fast approaching, it’s imperative to know or be refreshed on major features of the BBA procedures and to address any near-term issues now. This webcast will provide an overview of the BBA rules and offer a timeline of basic action steps for taxpayers. The webcast also will provide guidance on pre-2018 actions that partners and partnerships may wish to take to ensure minimal surprises in an IRS examination under the BBA rules.
- Summarize the major provisions of the BBA rules and the timeline for basic action steps for partnerships and partners
- Identify BBA-related issues that are relevant to a specific partnership or partner in the near term and prepare a course of action to address the identified issues
- Prepare a partnership to minimize its risk and exposure in an IRS exam by engaging in a review of the partnership’s past reporting and allocations
Download this webcast presentation
- Amy Roberts, Partner, Tax Business Line Leader, Partnership Taxation, Grant Thornton LLP
- Glenn Dance, Managing Director, Partnership Taxation, Grant Thornton LLP
- Kristen Hertel, Senior Manager, Partnership Taxation, Grant Thornton LLP
- Grace Kim, Principal, Washington National Tax Office, Grant Thornton LLP
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