In our previous newsletter, we went over the elimination of the position of Tax Matters Partner, and its replacement of Partnership Representative. In this memo, the second in a multi-part series, we intend to introduce you to the ways in which Partnerships can avoid being drawn into CPAR (Centralized Partnership Audit Regime).
Recap: The New Regime In an effort to increase the efficiency of Partnership examinations, the Bipartisan Budget Act of 2015 repealed the previous rules regarding the auditing of partnerships: the TEFRA partnership audit rules and the electing large partnership audit rules. Although the new rules will be implemented in tax years beginning or after January 1st, 2018, taxpayers can now elect to be subject to the rules now. Under the new rules under IRC §6221(a), at the end of an exam, rather than having the Auditors assess the increase of tax at the Partner level, the new rules will levy the tax at the Partnership level. While these changes are beneficial to the IRS, taxpayers will be at a disadvantage. However, there are ways out of this.
Clear communication with your third-party administrator and recordkeeper is critical to benefit plan compliance. Learn how Duffy Kruspodin supports accurate reporting and audit readiness for retirement plans.
Are you a business owner or financial professional seeking to master the intricacies of financial audits? Do you want to ensure your company’s financial health, drive growth, and maintain compliance? Look no further! This comprehensive guide will walk you through everything you need to know about financial audits, from their purpose and benefits to preparation […]
Unsure whether your retirement plan needs an audit? This article breaks down audit thresholds, Form 5500, and plan types that trigger ERISA audit requirements.
Discover key definitions, insights, and best practices for year-end processes. Enhance your planning strategies and ensure a successful wrap-up. Read more!
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