Description
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.
Date: 2023-09-20 Start Time: 1:00 PM ET End Time: 2:40 PM ET
Learning Objectives
* You will be able to identify which partnerships are eligible to elect out of the Centralized Partnership Audit Regime.
* You will be able to describe the role of the Partnership Representative.
* You will be able to explain what a partnership might expect of an audit under the Centralized Partnership Audit Regime.
* You will be able to discuss the merits of making a PushOut election.