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TEFRA Who? A New Era for Partnership Audits

Gain a better understanding of the preparation and impact of the new IRS partnership audit rules.

At the end of 2015, Congress enacted the Bipartisan Budget Act of 2015, which introduced a new set of rules governing the federal income tax audit procedure for entities treated as partnerships for federal income tax purposes. These rules represent a significant change in the partnership audit context and will take effect in taxable years beginning after 2017. Any taxpayers or businesses that have engaged in a joint venture or invested in entities that are partnerships for federal income tax purposes will want to understand the implications of this new regime on existing and future joint ventures. The topic will explain these new partnership audit rules and will provide practical solutions for addressing the new rules in existing and future partnership agreements.

Runtime: 99 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

In the Beginning, Congress Created TEFRA

  • How Did We Get Here?
  • TEFRA - the Failed Experiment
    • What Went Wrong?

What Lead to the Bipartisan Budget Act of 2015

  • Motivations of Congress
  • Problems With Tefra
  • How Do the New Rules Address and Fix the TEFEA Issues?

The Nitty-Gritty - an Overview of the New Rules

  • Tax Matters Partner vs. Partnership Representative
  • Effective Dates
    • What to Do Now?
  • Elections

Issues Facing the New Rules

  • Effects on General Partners
  • How to Protect a Partner's Interests
  • Necessary Revisions to Partnership and LLC Agreements
    • Revisions for Creditors

To Pay the Entity Tax or Not to Pay, Opting out Is the Question

  • Fiduciary Duties for Partnership Representative
    • Do You Need Indemnity Insurance?
  • New Issues in Bankruptcy
  • How to Compute Entity Level Tax When You Have Tax-Exempt Partners
  • Myriad of Issues:
    • Differing Ordinary Income and/or Capital Gains Tax Rates Between Partners
    • Partners With NOLs
    • How Do the Rules Affect Capital Accounts
    • Do I Want to Join the Partnership? Issues Related to New Partners
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on August 22, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Madeline Chiampou Tully

Madeline Chiampou Tully

McDermott Will & Emery

  • Partner with McDermott Will & Emery
  • Represents clients on federal income tax matters relating to taxable and tax-free mergers, acquisitions and divestitures, corporate restructurings and finance transactions; within these areas, her tax practice focuses on energy tax issues, including advising on renewable energy transactions such as solar and wind projects
  • Significant experience in the planning, formation, operation and acquisition/divestitures of partnerships and partnership interests
  • An active member of the firm's Pro Bono and Community Service Committee
  • J.D. degree, Emory University School of Law; B.A. degree, magna cum laude, College of the Holy Cross
Kevin Spencer

Kevin Spencer

McDermott Will & Emery

  • Partner with McDermott Will & Emery and focuses his practice on tax controversy issues
  • Represents clients in complicated tax disputes in court and before the Internal Revenue Service (IRS) at the IRS Appeals and Examination divisions
  • Broad experience advising clients on various tax issues, including tax accounting, employment and reasonable compensation, civil and criminal tax penalties, IRS procedures, reportable transactions and tax shelters, renewable energy, state and local tax, and private client matters
  • Prolific writer and lecturer on a variety of tax topics, and is an active member of the firm's Pro Bono and Community Service Committee
  • Adjunct law faculty member at Georgetown University Law Center and is an editor of the firm's Tax Controversy 360 blog
  • J.D. degree, cum laude, University of Miami School of Law; B.S. degree, cum laude, Mary Washington College, LLM degree, with distinction, Georgetown University Law Center
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Pay once and get a full year of unlimited training in any format, any time!

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Product ID: 398966
Published 2016
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