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Live Webinar

100-minute live streaming program
  • February 4
  • 1:00 - 2:40 pm EST

Also available as:

OnDemand Course

Selected Partnership Tax Issues

February 4

Learn to identify unique issues posed by the new partnership audit rules in the context of partnership formation and acquisitive transactions.

In 2015, Congress passed the Bipartisan Budget Act of 2015 (the BBA), which completely changed the way partnerships (and entities treated as partnerships) were audited and assessed tax by the IRS. The Department of Treasury and the IRS have issued guidance implementing the new audit procedures in the BBA, and these procedures generally are effective for taxable years beginning after December 31, 2018. This topic will help the persons responsible for the tax functions of partnerships understand the new partnership audit regime and the key differences from the old partnership audit regime, commonly known as TEFRA. The information will also help identify unique issues posed by the new partnership audit rules in the context of partnership formation and acquisitive transactions involving partnerships.

Learning Objectives

  • You will be able to define partnership representative, designated individual and push-out election.
  • You will be able to describe major differences between TEFRA audit procedures and procedures under the new partnership audit rules.
  • You will be able to explain the audit procedures now governing U.S. federal income tax returns for partnerships.
  • You will be able to identify issues to consider when drafting partnership audit provisions in partnership agreements and key considerations in the M&A context.

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Why Lorman?

Over 34 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

Background
  • TEFRA Audit Procedures
  • Reasons for Change
  • Highlights of New Partnership Audit Rules
Comparing TEFRA and the New Partnership Audit Rules
  • Scope
  • Push-out Election
  • Amendments and Pull-Ins
Tax Matters Partner vs. Partnership Representative
  • Major Differences
  • Designated Individuals
  • Powers
Audit Procedure
  • Under TEFRA
  • Under the New Partnership Audit Rules
  • Statute of Limitations Considerations
Practice Pointers
  • Partnership Formation
  • M&A Considerations
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Why Lorman?

Over 34 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 July 8, 2015.

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

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

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • AL CLE 1.7
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.7 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • NH MCLE 1.6
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 95 Minutes.
     
  • NJ CLE 2.0
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.0 hours of total CLE credit.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 2.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WI CLE 2.0
     
  • This program has been approved by the Board of Bar Examiners for 2.0 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 2.0
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 2.0 MCLE hours.
     
  • 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).
     
  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for accountants, CPAs, controllers, attorneys, presidents, vice presidents, business owners and managers, enrolled agents, CFOs, tax managers, finance directors, bookkeepers and tax preparers.

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Why Lorman?

Over 34 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

Matt Donnelly

Matt Donnelly

Baker Botts L.L.P.

  • Special counsel with Baker Botts L.L.P. in Washington, D.C.
  • Focuses his practice on U.S., federal income tax matters with a concentration on domestic and international mergers and acquisitions, dispositions, spin-offs, joint ventures, financing transactions (including tax-incentivized renewable energy financing transactions), restructurings, and internal reorganizations
  • His clients include both public and private companies
  • An adjunct professor at Georgetown University Law Center and Howard University School of Law, teaching courses on transactional tax issues and corporate taxation
  • Frequently writes and lectures on tax-related topics, including transaction structuring, spin-offs and Reverse Morris Trust transactions, renewable energy tax incentives, partnership taxation, and the impacts of tax reform
  • Can be contacted at 202-639-7875 or [email protected]
Peter Farrell

Peter Farrell

Baker Botts L.L.P.

  • Senior Associate with Baker Botts L.L.P. in Washington, D.C.
  • Focuses his practice on U.S., federal income tax matters with a concentration on tax-efficient structures for domestic and international mergers, acquisitions, joint ventures, separations, restructurings and other reorganizations
  • His clients include both public and private companies
  • Frequently writes and gives talks on tax-related topics, including transaction structuring, spin-offs, reorganization transactions, renewable energy tax incentives, and the new and pending legislation affecting corporations and passthrough entities
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Why Lorman?

Over 34 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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Product ID: 407441
Published 2015, 2021
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