The IRS had a complex audit regime for partnerships known as TEFRA. Due to the complexities of this regime, in 2015, Congress passed the Bi-Partisan Budget Act which made an entirely new audit regime. The goal of the new regime was to simplify the process in order to make Revenue Agents audit more partnership returns.
This webinar will cover what these major changes are and help practitioners to understand these changes as we expect to see more partnership audits in the future.
This webinar will also look at changes to Form 1065 that relate to the new audit regime.
For example, the IRS has done away with the Tax Matters Partner and now has a partnership representative. There are also elections available to make on the Form 1065 that will relate to the the audit regime as well.
Why you should Attend
The IRS previously did not target partnerships too often for audit. However, that has changed with the implementation of the new partnership audit rules on the Bi-Partisan Budget Act of 2015. With these new rules, the IRS has increased audits of partnerships and will continue to do so.
Practitioners need to be aware of these rules (even if you do not handle the audit) because how a tax return is filed could have major implications on the audit.
This webinar will go into the new procedures of the audit and also look at what you should do when filing these taxes.
Areas Covered in the Session
- IRS Audit Regime
- New Rules To Consider
- Difference from TEFRA
- Partnership Agreement Changes
- Form 1065 FIling
Who Will Benefit
- Tax Professional
Nick Preusch primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation.
He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases.
Nick co-authored Tax Preparer Penalties and Circular 230 Enforcement, a textbook published by Thomson Reuters. He has also been published in the AICPA’s Tax Advisor and Journal of Accountancy along with CCH’s Journal of Tax Practice and Procedure. In 2017, he was named one of the VSPCA’s Top 5 Under 35. In 2018, he was named to CPA Practice Advisor’s Top 40 Under 40. In 2018, he was part of the AICPA’s New Face of Tax ad campaign.
Nick is a licensed attorney in New York and a Certified Public Accountant in Virginia. He earned an LLM in Taxation from Georgetown University, a JD from Case Western Reserve University, and an MS in Accounting from the University of Connecticut.