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MICHEL STEIN, JONATHAN KALINSKI and ROBERT HORWITZ to speak on Partnership Audit Adjustments Under the Centralized Audit Regime

We are pleased to announce that three of our principals Michel Stein, Robert Horwitz, and Jonathan Kalinski will be speaking at the upcoming Strafford webinar on Partnership Audit Adjustments Under the Centralized Audit Regime, Wednesday, April 22, 2020, 1:00 pm-2:50 pm EST, 10:00am-11:50am PST.

The centralized partnership audit regime (CAR) is effective now. The Bipartisan Budget Act of 2015 (BBA) included a new audit regime for partnerships effective for audits of partnership returns for years beginning in 2018.

Under the new rules, the partnership itself remits the underpayment (or receives the overpayment) resulting from an IRS examination at the end of an IRS review and pays the additional tax due at the highest income tax rate available (37% currently). Alternatives include making a push-out election taxing the individual partners owning interests during the year examined and showing that partners have amended their returns to account for the adjustments, the amended return adjustment. The Corrections Act in 2018 reduced the burden of filing amended returns by allowing partners to pay the amount of tax due and adjust any related tax attributes without the burden of filing amended tax returns, the pull-in procedure.

New forms have been issued to handle the new reporting regime–Form 8986, Partner’s Share of Adjustments to Partnership-Related Items and Form 8978, Partner’s Additional Reporting Year Tax.

For full programming details Click Here.



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