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New Partnership Audit Rules: What They Mean to Partnerships and Tax Professionals

Analyze the new partnership audit rules that are effective this year and gain a clear understanding of what partnerships need to know moving forward.

Effective January 1, 2018, the new Revised Partnership Audit Rules take effect, radically changing how entities taxed as partnerships will be audited and the resulting tax assessed and collected. The new Audit Rules drastically change the manner, procedures and consequences by which the Internal Revenue Service audits an entity taxed as a partnership and assesses and collects the resulting tax. The tax resulting from the audit will now be assessed and collected from the partnership itself unless the partnership elects to 'push-out' the tax to the persons who were partners during the audited year. The new Audit Rules alter the economic consequences of the audit and the relationship between partners. This topic will examine the new Audit Rules and provide suggestions how these new Audit Rules can be addressed in partnership agreements.

Runtime: 98 minutes
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Over 31 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

Overview

  • Background
  • Effective Date
  • Repeal of Old Sections and Addition of New Sections

Applicability (Section 6221)

  • General Rule Regarding Determinations and Applicability to All Partnerships
  • Option to Elect out for Certain Partnerships With 100 or Fewer Partners

Consistency Requirement (Section 6222)

  • Consistency Generally Required
  • Failure to Be Consistent

Partnership Representative (Section 6223)

  • Designation
  • Eligibility
  • PR Designation, Resignation, and Revocation
  • IRS Designation
  • Binding Effect of PR

Partnership Adjustments (Section 6225)

  • Imputed Underpayment
  • Non-Imputed Underpayment Adjustments
  • Alternative to Payment of Imputed Underpayment Amount by Partnership ("Push out Election") (Section 6226)
  • Tax Attribute Adjustments
  • International Tax Adjustments

Administrative Adjustment Requests (Section 6227)

  • General
  • Adjustment
  • Period of Limitations
  • Where NOAPP Issued
  • Form
  • Partner Modification
  • Push out Election
  • No Imputed Underpayment Amount
  • Penalties
  • Refunds
  • Disregarded Provisions
  • Use of AAR in Lieu of Amended K-1
  • Use of AAR by Partnership/Partner Subject to Push out
  • International Tax Adjustments

Notice of Proceedings (Section 6231)

  • General Notice Requirements
  • Timing
  • Address for Notices

Assessment and Collection (Section 6232)

  • Method for Assessing and Collecting
  • Timing
  • Mathematical or Clerical Adjustments
  • Mathematical or Clerical Errors for Upper-Tier Partnerships
  • Partnership Waivers
  • Interest and Penalties (Section 6233)

Judicial Review of Partnership Adjustment (Section 6234)

  • Lawsuit to Challenge FPA
  • District Court and Court of Federal Claims
  • Interest
  • Scope of Judicial Review
  • Appeals
  • Effect of Dismissal

Statute of Limitations (Section 6235)

  • Statute of Limitations - Three Time Periods
  • Agreements to Extend
  • Exceptions
  • Suspension of Statute of Limitations
  • Bankruptcy Proceeding
  • Appealing IRS Determination Under PAR
  • Information Returns
  • Entities Filing Partnership Return
  • Partnership Ceases to Exist
  • Partnership Payments Non-Deductible
  • Other Special Provisions (Section 6241)

Drafting Consideration

  • Partnership Agreement
  • Other Affected Agreements
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Why Lorman?

Over 31 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 Webinar

This course was last revised on March 16, 2018.

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

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

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

Audio & Reference Manual

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

MP3 Download

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

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Why Lorman?

Over 31 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

Charles D. Pulman

Charles D. Pulman

Meadows, Collier, Reed, Cousins, Crouch & Ungerman, L.L.P.

  • Tax partner with the Dallas law firm of Meadows, Collier, Reed, Cousins, Crouch & Ungerman, L.L.P.
  • Practice focuses primarily on federal tax planning and compliance with extensive experience representing taxpayers under IRS audit and the resulting administrative and judicial proceedings
  • Extensive experience representing entities taxed as partnerships and their partners
  • Represents clients on tax matters throughout the United States
  • Board certified in Tax Law by the Texas Board of Legal Specialization; he is also a Certified Public Accountant
  • Writes and speaks extensively on tax related topics and has written and spoken on several occasions with regard to the new IRS audit regime affecting partnerships
  • Recognized by his peers as a Texas Super Lawyer and recognized as one of the Best Lawyers in Dallas by D magazine
  • LL.M. degree in taxation, New York University
  • Can be contacted at 214-749-2447 or [email protected]
Matthew L. Roberts

Matthew L. Roberts

Meadows, Collier, Reed, Cousins, Crouch & Ungerman, L.L.P.

  • Senior tax associate with the law firm Meadows, Collier, Reed, Cousins, Crouch & Ungerman, L.L.P.
  • Represents individuals, estates, partnerships, and large corporations in all stages of a tax dispute, including IRS examinations, administrative appeals, and litigation in the U.S. Tax Court and Federal District Court
  • Practice also includes domestic and international Income Tax and Business Planning
  • From 2012-2015, he was an attorney-advisor for The Honorable Chief Judge Michael B. Thornton, United States Tax Court in Washington, D.C.
  • Since its enactment, he has written articles and has participated in speaking engagements on the new centralized partnership audit rules
  • LL.M. degree in taxation, New York University School of Law; J.D. degree, summa cum laude, University of Mississippi School of Law; Masters of Taxation and his Bachelors of Accounting, The University of Mississippi
  • Can be contacted at 214-744-3700 or [email protected]
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Product ID: 402977
Published 2018
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