The new pass-through LB&I field operations unit will boost audits of pass-through entities, including partnerships, S-corporations and trusts. The IRS also established the new IRS associate office focused on partnerships, S- corporations, trusts and estates. A recent GAO study recommended strengthening audit processes for large partnerships.
While the number of large partnerships increased almost 600% from 2002 to 2019, only 54 of the 20,000 large partnership returns filed in 2019 were audited, for a 0.3% audit rate. Decreased from 1.4% in 2007. The IRS has announced that it will be auditing a larger percentage of partnership returns in the future. The IRS will also be challenging certain partnership related-party transactions under the codified economic substance doctrine in § 7701(o).
During this course through case law / case study will discuss IRS Procedure, Conservation Easements, Other Partnership Issues, S Corporations, Economic Substance, Tax Equity and Fiscal Responsibility Act (TEFRA), Profits Interest VS. Capital Interest, and SEC. 754.

Learning Objectives
1. Become familiar with recent court cases and Treasury publications affecting individuals and business entities.
2. Acquire a working knowledge of recent changes to IRS procedure.
3. Become conversant of recently issued tax court opinions and their implications to taxpayers.
4. Know the status of upcoming tax legislation and how it might affect clients.

To complete this course participants need to: Answer polling questions to meet NASBA / IRS / State Board of Accountancies requirements for attendance verification.

Upon course completion a course evaluation form is provided for your feedback.

Participants have 1 year from the date of purchase/enrollment to complete this course

CPE Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.  State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.  Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:  www.nasbaregistry.org