Allie Petrova will be presenting the following tax law course:
The Partnership Representative: What You Need to Know for Your Firm’s and Clients’ Sake
This course is intended for attorneys who do not dedicate their practice to federal tax law:
Starting with tax years beginning January 1, 2018, all business entities taxed as partnerships (IRS Form 1065 filers) are subject to the new IRS audit rules for tax partnerships.
As you know, the tax matters partner no longer exists. Under the Bipartisan Budget Act of 2015 (BBA), Section 6223 requires each partnership, aside from eligible partnerships that elect out, to designate a partnership representative. The partnership representative has sole authority to act on the partnership’s behalf in all matters related to IRS audits.
As indicated by priority initiatives and enforcement efforts, the Internal Revenue Service has heightened its focus on partnership audits. If you are a member of a tax partnership and a Schedule K-1 recipient, you need to know how your tax partnership will handle IRS audits and what that means for you.
The course will be scheduled in February (1 Hour of General CLE Credit – approval pending).
For additional information and registration details, please email: [email protected].