Importance of Partnership Agreement under the New Audit Rules

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Importance of Partnership Agreement under the New Audit Rules
Earn one CE Federal Tax with Allan J. "A.J." Reynolds. 
August 29, 2019, from 2:00 pm - 3:00 pm ET

Live Online IRS Program Number: X9QQU-T-00593-19-O
Self-Study IRS Program Number: X9QQU-T-00593-19-S

Member: $40          Non-Member: $50

This webinar will be providing an all-purpose overview of the New Partnership Audit Rules as developed by the Bipartisan Budget Act of 2015 (BBA). A quick summary of previous audit rules, reasons for the change, and why we should be concerned about these new rules.
Terms associated with the new audit rules, who can or cannot elect out, how to elect out, and the election necessary will be examined.

Analysis on the importance of updating the partnership agreements in relation with these New Audit Rules, economic consequences to partners, and provide a detailed breakdown on the importance of the “New” Tax Matters Partner, which is now called the Partnership Representative “PR”. 

Other issues to be deliberated will include how to handle partners who have left the partnership, communications with the partners during proceedings with IRS, role and power of the “PR”, how will partnership pay for tax from audit.

Learning Objectives:
Upon completion of the course, participants will be able to:
  • Provide a “brief” overview of New Partnership Tax Audit Rules.
  • Discuss the importance of updating partnership agreements in relation with the New Partnership Tax Audit Rules.
  • Importance of the “New” Tax Matters Partner, which is now called the Partnership Representative “PR”.

Note: If you can't attend live, that's okay: go ahead and register and you will automatically receive the recording when it is sent out.

Allan J. "A.J." Reynolds

Allan J “A.J.” Reynolds, EA has immense experience in various areas in taxation, which encompasses over 30 years.  His practice centers on Individual, Business and Estate Tax preparation. In addition, A.J. specializes in IRS Audits, Appeals, Collections, and other Tax Representations.  His clientele ranges from the average worker to fortune 500 executives. He speaks for Basics + Beyond Income Tax Seminars, Center for Agriculture Law and Taxation of Iowa State University, NTI Resort Conferences, and NATP. A.J. started his tax career with a National CPA firm in San Diego, CA after proudly serving five years in the US Navy. 

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