Don't Get Crushed by IRS Collection of Income Tax from a Partnership: Centralized Partnership IRS Audit Rules 

2 Self-Study CPE

Course Description:

Effective in 2018 (coming like a freight train), a whole new IRS partnership audit regime (Centralized Partnership Audit Rules (CPAR)) kicks in. Partnerships (and LLCs) will become strange new beasts taxed like C Corps. Is this the beginning of the end for partnerships as we know them? Escape routes are available, but not for all. Advance planning is a must to avoid a massive train wreck. All partnership and LLC operating agreements must be amended NOW

In this 2-hour webinar,  you will learn:  

  •  How to avoid getting crushed by IRS collection of income tax from a partnership
  •   How the tax preparer can decimate a partnership’s future (or not)
  •   How to avoid ugly partnership level income tax at highest rate (and no basis step up for partners)
  •   How to safely extricate a client from CPAR devastation
  •   How to protect clients by electing out of new regime - who, how, when and why
  •  How Congress’s Technical Corrections one month ago greatly expanded CPAR
  •  How to identify whether S corporations may look better than partnerships now
  •  How to lead your client to prepare in earnest today

Presenter: Bradley Burnett

Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 33 years of tax practice experience.  His practice emphasis is on tax planning and tax controversy resolution.  He also prepares a handful of tax returns.

Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey, and Canada. He has authored texts of 35 CPE courses.  He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9.  Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top-rated, most requested instructor for CPA Society annual tax conferences.

Burnett’s seminar style is to deliver the subject matter in briskly paced, enthusiastic and witty fashion.  His forte’ is the candid communication of practical ideas relating to tax law.

How many questions can you confidently answer?

 

  • How did Appropriations Act (of 2018) Technical Corrections retroactively change CPAR?
  • Who can elect out of the new regime?
  • But wait, if you can’t elect out, can you switch things up so you can?
  • What is an “imputed underpayment” collectible against the partnership anyway?
  • What is a “push up” election and how does a partnership get decimated without it?
  • Is it true Congress has eliminated basis step-up in a partner’s interest for income fleshed out in an IRS exam?
  • How must partnership/LLC operating, buy-sell, loan, contribution, and dissolution agreements be revised to avoid severe problems?
  • What affirmative actions must the tax preparer take to avoid a parade of horribles?
  • How do we prepare our clients and their attorneys to avoid disaster?

 

 

Register Now for $129

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CPE Details

Prerequisites: None

Advanced Preparation: None

Program Level: Basic

Delivery Method: Self-Study (QAS)

Field of Study: Taxes

CPE Hours: 2

NASBA

Sandra L. Leyva, Inc. is registered with the National Association of the State Boards of Accountancy (NASBA) as a sponsor of continuing 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 website www.nasbaregistry.org. Our NASBA sponsor number is 112525.

Host: Rick Telberg

  • Founder and CEO CPA Trendlines, Bay Street Group
  • Accounting Today Top 100
  • CPA Practice Advisor Top 25

Host: Sandi Leyva

  • Founder and President Accountant's Accelerator, Sandra L Leyva, Inc.
  • CPA Practice Advisor Top 25
  • Most Powerful Women in Accounting