The Role of the New Partnership Representative - Taking Action Now
IRS has recently enacted partnership tax changes which may have a significant impact on you. These changes, commonly referred to as the “partnership audit rules”, are expected to dramatically increase the IRS audit rates for partnerships and will require partners to carefully review, if not revise, their partnership’s operating agreement now.
The new rules are generally effective for partnership audits of tax years beginning after December 31, 2017. Under the new rules, certain designations and elections are required to be made in advance when the return is filed rather than when the examination notice is received or later. Each partnership is required to designate the partnership representative for that tax year on its original tax return beginning with the 2018 tax year. Additionally, certain partnerships may qualify to elect out of the new rules. Partnerships that qualify and wish to make this election must do so with their timely filed tax return for the taxable year to which the election applies.
Join us as we walk through these changes to help you understand the impact this has on your partnership agreement.
Kristin Gutting Charleston School of Law
CPE Credit: 1 hour, pending approval
Delivery Format: Group Internet Based (each attendee must be logged in and answer the poll questions in order to receive CPE credit).
Prerequisites/Advanced Preparation: None
Course Level: Beginner
Participants: Tax Executives
Learning Objectives: By the end of this course, you will be able to understand the potential tax implications of the partnership audit rules and identify required actions to facilitate a successful transition for tax purposes.
There will be no refunds issued as this is event is complimentary. If you have any questions regarding administrative policies such as registration or cancellation, please contact Kristen Kitchens at email@example.com or 704.367.7091.
Please direct any CPE related questions to DHGU@dhg.com.
Dixon Hughes Goodman LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional 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 the web site: www.nasbaregistry.org/.