The IRS is Coming: How to Prepare for the New IRS Partnership Audit Rules

Speaker

Instructors: Travis A Greaves, T Joshua Wu
Product ID: 705112

Location
  • Duration: 60 Min
The new IRS partnership audit rules require all partnership and LLCs taxed as partnerships to amend their partnership agreement and take action now. In this training program, attendees will learn how these rules impact your business and your clients. The session will discuss IRS issues with TEFRA (Tax Equity and Fiscal Responsibility Act) and detail the concepts and terms in the Bipartisan Budget Act.
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Why Should You Attend:

Congress recently passed the most significant changes in partnership tax in more than 30 years, disrupting businesses from oil and gas to private equity to family limited partnerships. The new partnership audit rules apply to partnership tax years beginning after December 31, 2017, but all partnerships (big and small) should take action now to begin to implement changes required under the new law.

This course will briefly explain the fundamentals of the current Tax Equity and Fiscal Responsibility Act (TEFRA) partnership audit rules with a focus on the difficulties with the process that led to the replacement of TEFRA in the Bipartisan Budget Act of 2015. The course will then describe the new partnership audit regime, discuss how it will affect partnerships in every industry, and then detail the steps you should take now to prepare for 2018.

Areas Covered in the Webinar:

  • Understanding of TEFRA (i.e., current IRS audit regime)
  • IRS issues with TEFRA
  • Statistics on IRS audits of partnerships
  • Concepts and terms in the BBA (i.e., new IRS audit regime)
  • Procedures in the BBA
  • Challenges with the BBA
  • Government guidance on BBA
  • Preparing your clients for the BBA

Who Will Benefit:

  • Oil industry executives
  • Private equity executives
  • Financial planners
  • CPAs
  • Enrolled agents
  • Family businesses
  • Bank managers
  • Compliance officers
  • Information reporting officers
  • Tax managers
  • CFOs
  • Controllers
  • Accounting managers
  • Auditors
  • IT managers
  • Compliance managers
Instructor Profile:
Travis A Greaves

Travis A Greaves
Associate, Caplin and Drysdale

Travis Austin Greaves is an attorney at Caplin & Drysdale in Washington, D.C. Mr. Greaves concentrates his practice on federal and state civil and criminal tax controversies, and white collar investigations and defense. He represents individuals, partnerships, and corporations through all stages of tax investigations and litigation, including voluntary disclosures, audits and examinations, audit reconsiderations, and negotiated resolutions with the IRS.

Prior to joining Caplin & Drysdale, he served as the Tax and Economic Policy Advisor to Louisiana Governor Bobby Jindal, practiced in the tax group of a major international law firm and served as an Attorney Advisor at the United States Tax Court.

In addition, Mr. Greaves is an Adjunct Professor at Georgetown University Law Center, where he has taught criminal and civil tax controversy courses.


T Joshua Wu

T Joshua Wu
Associate, Caplin and Drysdale

Joshua Wu is an attorney at Caplin & Drysdale in Washington, D.C. A primary focus of Mr. Wu's practice is helping startup companies, mid-size businesses, and individual clients remain in compliance with U.S. tax laws, as well as guiding clients on appropriate procedures to reduce their tax burdens.

Mr. Wu represents clients in an array of tax controversies and tax litigation matters before the Internal Revenue Service (IRS), the U.S. Tax Court, the U.S. Court of Federal Claims, and the U.S. Court of Appeals for the Federal Circuit. He has also worked with the IRS Office of Professional Responsibility to resolve disciplinary inquiries.

With considerable experience handling multijurisdictional investigations, Mr. Wu regularly works with foreign companies, trusts, and advisors to resolve inbound U.S. tax and reporting issues. In addition, Mr. Wu is involved in the D.C. metro area startup community; he works with angel investors and co-working spaces to assist emerging companies to implement business practices and legal structures to facilitate their growth and access to funding. He has been quoted in major news outlets such as The Street, Federal Tax Weekly, and Business News Daily.

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