CPE Webinars

Advanced Partnership Issues—Featuring the New Partnership Audit Regime and Tax Cuts and Jobs Act Changes (October 16, 2020, 12:00-1:00 PM CDT)

This session looks at the impact of the revised centralized partnership audit regime adopted as part of the Bipartisan Budget Act (BBA) of 2005 that is now effective for all partnerships except those eligible to opt-out and those who do elect to opt-out. We will look at the key differences between this system and the TEFRA regime it replaces, as well as compare it to the optional small partnership traditional audit rules. We will discuss the impact of the temporary relief from BBA rules for revised 2018 and 2019 partnership returns recently provided by the IRS, as well as why these rules make it important to understand the special category of amended returns known as superseding returns. The session will also look at key Tax Cuts and Jobs Act provisions that impacted partnerships, including the removal of technical terminations and the §199A passthrough rules. We will also look at the proposed capital account reporting rules issued by the IRS recently that would apply to 2020 returns.

This course is designed for:

  • CPAs, accountants, and financial professionals who advise their clients regarding planning for partnership and/or limited liability company transactions and/or who have review responsibility for partnership or limited liability company tax compliance.

Learning Objectives:

  • Understand the BBA audit regime
  • Advise clients on whether or not they can/should opt out
  • Understand the impact of TCJA changes on partnerships



Speaker / Author:

Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He is also a discussion leader with Loscalzo Institute. He has been in practice for over twenty-five years, specializing in tax issues for closely held businesses and individuals.

Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section’s representative on three occasions to the AICPA’s Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop’s Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010.

Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA’s Accountants Forum in the mid 1990s.

He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.

Software & Hardware Requirements:

  • 56k or Greater Internet Connection

Launch

Price (USD)

Standard: FREE

Details

Course Code : ACE-19051_LZ


Expire Date : 10/17/2020
Credits :
CFP CE 1.00
CPE 1.00
IRS CE 1.00

Course Level : Overview
Course Type : Group Internet-Based
Format Type : Webinar
Field Of Study : Taxes


Event Date : 10/16/2020 12:00:00 PM

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