Partnership audits: What you should do now
RECORDED WEBCAST |
New IRS audit rules come into effect for most partnerships starting with the 2018 tax year. Although the associated tax returns will not be due until 2019, there is less than a year for investors and managers to address the business issues and potential conflicts of interest that may arise beginning in January 2018, regarding potential audits of uncertain tax positions
Partnerships, their partners and their managers may want to consider addressing potential conflicts and business issues now, instead of waiting for controversies to arise.
Join us as our panel outlines the business and tax issues created by the new IRS audit rules and possible ways to address them, including:
- What steps are needed to avoid entity-level taxation?
- When may entity-level resolution be the preferred approach?
- What are the responsibilities, rights and potential liabilities of professional managers or managing partners/members?
- What is the decision-making process for determining whether to accept, or contest, proposed IRS adjustments?
- What modifications to agreements or side arrangements, or disclosures, should be considered?