Understand what to expect from the CPAR audit process, and what options are available.
The Centralized Partnership Audit Regime (CPAR) created through the Bipartisan Budget Act of 2015 replaces the auditing and tax collection procedures for partnerships under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and the electing large partnership rules. The CPAR is generally effective for tax years beginning January 2018 and is vastly different than its predecessor rulesets. As CPAR audits become more prevalent, this presentation will help impacted parties understand what to expect from the CPAR audit process, the role of the Partnership Representative, and what options are available to the partnership in the event of an Imputed Underpayment determination.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
The Changing Partnership Audit Landscape
- Pre-2018
- 2018 and Beyond
- Key Differences
The Role of the Partnership Representative
- Powers of the Partnership Representative
- Selecting the Partnership Representative
- Effectively Managing the Partnership Representative Through the Partnership Agreement
What to Expect When Audited
- Initial Notification
- Responding to Information Document Requests
- Working With the IRS Agent
Wrapping the Audit
- Summary Report and Right to Appeal
- Notice of Proposed Partnership Adjustments
- Notice of Final Partnership Adjustments
- Push-out Election
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on September 20, 2023.
Call 1-866-352-9540 for further credit information.
- AIPB 1.5
- This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Andrew Kramer, CPA
Yeo & Yeo
- Senior Manager in the Ann Arbor, MI office at Yeo & Yeo
- Practice emphasizes small and mid-sized business owners operating in the partnership form
- Areas of expertise include the Federal income tax implications of partnership formation through the contribution of property, admission of new partners, sale of existing partnership interests, allocations of partnership debt, exit strategy, partnership terminations, and Section 199A Qualified Business Income Deduction computations
- Frequently speaks on various partnership and Section 199A topics at Michigan Association of CPAs live events
- Author of “Computing qualified W-2 wages for Sec. 199A purposes”, The Tax Advisor, May 1, 2019, and “Do a business’s charitable contributions reduce its QBI deduction?”, The Tax Advisor, May 1, 2020
- Member of AICPA and Michigan Association of CPAs
- Received Michigan State University Department of Accounting and Information Systems Daniel Collins Accounting Research Award
- M.S. degree in accounting, Michigan State University; B.A. degree in accounting, with honors, Michigan State University
- Can be contacted at [email protected] or (734) 769-1331
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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