The Bipartisan Budget Act of 2015’s Centralized Partnership Audit Regime
Target Audience: CPAs, EAs, Annual Filing Season Program Participants
Field of Study: Taxation (NASBA); Federal Tax Law Updates (IRS)
Seminar Level: Beginner
IMPORTANT INFORMATION REGARDING CONTINUING EDUCATION CREDIT: THE IRS ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING EDUCATION CREDIT FOR ENROLLED AGENTS (EA) AND ANNUAL FILING SEASON PROGRAM (AFSP) PARTICIPANTS. Others, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT.
Note: the credit received from this seminar qualifies as continuing education that is required to obtain the voluntary AFSP – record of completion. however, this website does not offer the AFSP annual federal tax refresher (AFTR) course.
IRS COMMUNICATIONS AND LIAISON 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 ITS WEBSITE:
DISCLAIMER: THIS WEBINAR WAS RECORDED ON JULY 23, 2020, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
This session will provide an overview of the centralized partnership audit regime created by the Bipartisan Budget Act of 2015 (BBA). The BBA is generally effective for tax years beginning 2018 and later. It replaces the Tax Equity and Fiscal Responsibility Act (TEFRA) partnership audit procedures. The default rule under BBA is that the audited partnership pays an imputed underpayment on audit adjustments.
By the end of this presentation you will be able to:
- Identify when clients have a filing responsibility under BBA
- Demonstrate when a partnership can elect out of BBA
- Determine who can function as a partnership representative
- List when a partnership is not permitted to file an AAR
- Differentiate between notices during the audit process to notices post the audit process
No prerequisites or advanced preparation are required for this seminar.
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