Understanding BBA Partnership Adjustments Procedure 2024

Overview

BBA partnership audits have begun, and adjustments will come with them. This course will provide an in-depth, practical guide to navigating the confusing world of partnership adjustments. This program will not only cover the new terminology that every practitioner should know. Still, it will provide a roadmap to the critical procedural steps after the IRS has issued a notice of proposed adjustments. In addition, this program will provide real-world examples of the strategic considerations that come with the choices every partnership will have to make once a notice of proposed adjustments is made, including should the partnership pay the tax or push out the adjustment to the partners, what impact does a change in ownership play in who pays the tax, and what can be done to reduce the amount of the imputed underpayment if I have partners that are taxed at less than the maximum rate?

Highlights

• BBA partnership audits procedure
• Ethical issues for practitioners

Prerequisites

None

Designed For

CPAs, attorneys, Financial professionals, EAs and professional staff.

Objectives

• Understand the methodology and terminology the IRS uses after determining that a change in a partnership return is warranted
• Better understand when a partnership should pay the adjustment itself and when it might want to push out the adjustment to the partners. This will include a discussion of the role of the partnership representative, the tax professionals involved in the audit and the ethical issues that can arise during this process
• Recognize some of the procedural pitfalls that can occur during this process and how to set client expectations about what their roles are as partners and the timeframe for when any additional tax may be due to the IRS

Preparation

Some knowledge of income tax is preferred.

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by the California Education Foundation (CalCPA). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.