New Partnership Audit Rules: What They Mean to Partnerships and Tax Professionals
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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.
Charles D. Pulman, Meadows, Collier, Reed, Cousins, Crouch & Ungerman, L.L.P. Matthew L. Roberts, Meadows, Collier, Reed, Cousins, Crouch & Ungerman, L.L.P.
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