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Petrovalaw

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Cpece webinars
Tax Partnerships: How to Survive BBA Audits and Developments in IRS Enforcement

TAX PARTNERSHIPS: HOW TO SURVIVE BBA AUDITS AND DEVELOPMENTS IN IRS ENFORCEMENT

Cost $20.00
CPE Credits 1.0 hour
Subject Area 1.0 - Taxes (Federal Tax)
CE Credits 1.0 hour
Course Id# - HURS9-T-00995-21-O
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

Congress has allocated approximately $80 billion to Internal Revenue Service (IRS) audits and enforcement. After the Bipartisan Budget Act of 2015 (BBA), the IRS has heightened its focus on tax partnerships, Form 1065, and the accompanying schedules. 

Recent developments in legislation, regulatory guidance, and IRS enforcement are facilitating greater transparency and enabling the IRS to streamline compliance and enforcement. The IRS is focusing on specifics of Form 1065 and the associated schedules.    

This course will help you be proactive and prepare by identifying areas of audit risk and ways to address previously filed tax returns. It will cover how a partnership can remedy a missing partnership representative designation, what the IRS can do in these cases, and how a partnership representative can be replaced. 

Learning Objectives: 


  • Identify areas of IRS audit focus for entities filing IRS Form 1065

  • Recognize how recent legislative, regulatory, and enforcement developments impacting IRS audits of tax partnerships, including multi-member LLCs

  • Observe when the new centralized audit regime applies and may not apply

  • Define risk areas in partnership tax reporting 

  • Identify amendment of partnership returns subject to and outside of the new centralized audit regime

  • Determine what forms should be filed to amend a partnership return subject to the new centralized audit regime

  • Summarize the details around replacing the partnership representative and related considerations

  • Determine when a partnership representative designation may be invalid and how to remedy

Linkedin

Allie Petrova

Petrova Law PLLC
Managing Attorney
petrova@petrovalaw.com
(336) 310-1210

Petrovalaw

Allie Petrova is the founder and managing attorney of Petrova Law PLLC, a boutique law firm focused exclusively on tax and transactional matters.  Clients benefit from Ms. Petrova’s acumen and experience in handling complex tax issues. In the tax controversy arena, Ms. Petrova counsels clients involved in civil examinations, administrative appeals, and tax collection matters. Allie dedicates a substantial portion of her practice to M&A transactions and negotiates complex business agreements.

Ms. Petrova is a frequent speaker at American Bar Association Tax Section meetings and has presented at the J. Nelson Young Tax Institute.  In the media, Allie has been quoted in CNBC, MSN Money, The Huffington Post, The Street, Super Money, and the U.S. News and World Report.

Ms. Petrova is the current Chair of the American Bar Association’s Closely Held Businesses Committee. She was recognized by Super Lawyers as a Rising Star and as Legal Elite by North Carolina Business Magazine in 2018-2021. In 2020, Ms. Petrova was also recognized by Best Lawyers in America and was awarded the Nolan Fellowship by the American Bar Association’s Section of Taxation.

Previously, Allie advised private equity and Fortune 500 clients on acquisitions and reorganizations in the Transaction Tax (M&A) group of Ernst & Young at its New York headquarters and practiced with a transactional North Carolina law firm.

Allie Petrova is a member of the United States Tax Court Bar and the United States Supreme Court Bar. Allie earned her J.D. and LL.M. in Taxation degrees from the Georgetown University Law Center.  She also holds a bilingual LL.M. degree in International Economic Law from The Sorbonne in Paris and has presented on tax law internationally.

Frequently Asked Questions
  • To receive CPE credit, you must register for the webinar before it starts.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • To receive CPE for multiple attendees, at least one person must sign up for the webinar. The post-webinar email contains a link to instructions for the proctor letter. Alternatively, you may log in to your account following the webinar and click on the MY ACCOUNT button to find a link to instructions. For paid courses, payment needs to be made for each attendee before credit will be issued.
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Nasba

NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) 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.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

Irs

EA Approved

CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

About Our Presenter

Petrovalaw
Petrova Law is a boutique firm focused exclusively on tax and business law.  The firm is located in the heart of the Piedmont Triad. They represent professional practices, privately owned companies, business owners, and entrepreneurs through the life cycle of a business enterprise, from its initial launch through exit. They work with individual clients in the areas of tax controversy and succession planning. They are here to help plan proactively for anticipated tax consequences and resolve IRS disputes and tax debts.