Alan Kornstein speaks on New Partnership Audit Rules: What Accountants Need to Know for the The CPA Club of Bergen County at the Marriott Hotel in Saddle Brook, NJ.
The Bipartisan Budget Act of 2015 will fundamentally change the manner in which the IRS conducts federal income tax audits of partnerships (including LLCs classified as partnerships) for taxable years beginning in 2018. Alan’s presentation will provide an overview of the new regime so that accountants will be in a position to advise partnership clients under audit. Although the new rules are not yet in effect (except for a special “opt-in” election for the 2016-2017 taxable years), they have already had an impact on investments in partnership interests and preparation of partnership agreements, due to the fact that there are no grandfather rules for pre-2018 entities.