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 […]
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The New Regime In an effort to increase the efficiency of Partnership examinations, the Bipartisan Budget Act of 2015 repealed the previous rules regarding the auditing of partnerships: the TEFRA partnership audit rules and the electing large partnership audit rules.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.
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 […]
Employee benefit plan audits are complex, especially under ERISA Section 103(a)(3)(C) requirements. For plans with 100 or more eligible participants, a well-prepared audit can mean the difference between on-time filings and costly delays. Duffy Kruspodin’s checklist breaks down each audit phase with clear documentation goals to help HR, payroll, and finance leaders stay ahead of […]
How Clear Roles Support a Smoother EBP Audit Why Coordination Matters Employee benefit plan audits often involve multiple service providers. Third-party administrators (TPAs), recordkeepers, payroll providers, and custodians may all supply information used during audit testing. When roles and responsibilities are not clearly aligned, audit requests can overlap, stall, or require additional follow-up. Clarifying responsibilities […]
Introduction Many plan sponsors don’t realize when they’re subject to an ERISA audit — until the filing deadline is looming. Retirement plans with 100 or more eligible participants accounts at the beginning of the plan year are often required to file audited financial statements with their Form 5500. But the audit requirement isn’t always as […]
About Our Expertise and Duffy Kruspodin’s Credentials Our team consists of seasoned professionals with over 20 years of experience in audit and financial statement compliance services. Our team consists of licensed CPAs with extensive experience navigating our clients through GAAP and other various accounting standard requirements. We have engaged in numerous industry events and maintain […]
In today’s environment, audits are expected to do more than confirm compliance. Boards, investors, and other stakeholders now look to the audit process for insight, transparency, and assurance that risks are being managed effectively — not simply verified. When an audit remains purely transactional, organizations lose an opportunity to strengthen governance, improve oversight, and support […]
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