BarbriSFCourseDetails

Course Details

This course will cover practical considerations for partners and advisers to partnerships operating under the BBA partnership audit regime. Our panel of experts will review the latest guidance, explain partnership audit adjustments, and recommend steps to defend a client under the BBA audit regime.

Faculty

Description

IRS audits are taking place under the Bipartisan Budget Act's audit regime, and tax professionals are wrestling with the complexities of the new requirements. Under these rules, the partnership itself pays an “imputed underpayment” resulting from an IRS examination when the adjustments become final. Alternatives to the imputed underpayment are the modification procedure and the push-out election.


Listen as our panel of experts explains the ins and outs of audits under BBA, including the role of the partnership representative, electing out, the computation of the imputed underpayment, the modification procedure and the push-out election, Administrative Adjustment Requests, best practices for handling the audit, and judicial challenges to BBA adjustments.

Outline

I. The centralized audit regime

II. Electing out

III. Partnership representatives

IV. Handling the audit

V. Computing the Imputed Underpayment

VI. The Modification Procedure

VII. The Push-Out Election

VIII. Reporting Under the BBA

IX. Judicial Proceedings

X. Partnership agreements

Benefits

This course will cover practical considerations for partners and advisers to partnerships operating under the new partnership audit regime. Our panel of experts will review the latest guidance, explain partnership audit adjustments, and recommend steps to implement this reporting regime.

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Understand the BBA partnership examination procedural rules
  • Recognize how an imputed underpayment is computed
  • Differentiate between partnership and partner liability
  • Identify the impact of a push-out election
  • Determine the role of the partnership representative
  • Establish when a judicial review should be pursued

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite:

    Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and their respective partners and shareholders.


Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).