Playing by the New Rules: Preparing for the New Partnership Audit Regime

The "Bipartisan Budget Act of 2015" enacted a new centralized partnership audit regime, which is generally effective for taxable years beginning after Dec. 31, 2017. The new rules make significant changes in the way partnerships interact with the IRS during audits, including a new election to opt out of the regime and the requirement to select a partnership representative. This webinar reviewed the new rules and provided valuable information to help partnerships and their owners prepare for changes ahead. 

As a result of reviewing this session, you should be able to:

• Explain how the new partnership audit rules are different from the current rules 
• Identify actions taxpayers will be required to take on their 2018 tax returns 
• Identify steps that can be taken now to prepare for the new rules