Administrative Adjustment Requests to Correct Partnership Returns
The centralized partnership audit regime enacted under the Bipartisan Budget Act of 2015 (BBA) became effective for partnerships with tax years beginning after Dec. 31, 2017. As a result, partnerships under the BBA must file an administrative adjustment request (AAR) instead of an amended return to correct errors on partnership-related items. Join us for this webcast as we take a deep dive into the intricacies of preparing and filing an AAR.
Format
Webcast
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
2
Instructor
Maria Dolan, James Usseglio
Availability
3 months
Product Number
WC2841778
A deep dive into the intricacies of preparing and filing an AAR
The centralized partnership audit regime enacted under the Bipartisan Budget Act of 2015 (BBA) became effective for partnerships with tax years beginning after Dec. 31, 2017. The new regime significantly impacts how the IRS audits partnership returns and assesses and collects any resulting taxes.
In addition, partnerships under the BBA must file an administrative adjustment request (AAR) instead of an amended return to correct errors on partnership-related items.
Join speakers Jim Usseglio, CPA/PFS, MST, CFP®, Principal at Baker Newman Noyes, and past member of the AICPA’s Partnership Technical Resource Panel and Maria Dolan, Executive Assistant, Technical, Large Business & International (LB&I) Passthrough Entities Practice Area at the IRS, as they review key points of the centralized partnership audit regime and take a deep dive into the intricacies of preparing and filing an AAR.
- Medium sized firms
- Small firms/sole practitioners
- Bipartisan Budget Act of 2015 (BBA) overview
- AAR procedures under the BBA
- AAR filing requirement vs. using an amended return
- Calculating, reporting and paying an imputed underpayment
- AAR “push-out” elections
- Review of various AAR filing forms
- Effect on pass-through and non-pass-through partners receiving a "push-out" statement
- Recognize a partnership-related item
- Identify the general rules under the new partnership audit regime
- Determine the key concepts, components and formula for computing an imputed underpayment with respect to partnership-related items being adjusted
- Recall elections such as the “push-out” election and the election to opt out for smaller partnerships
- Determine how to complete and file an AAR
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