TEFRA Leave Us Feeling BBA’AD: An Overview of the New Centralized Partnership Audit Regime
Chamberlain Hrdlicka's Virtual BBA Workshop will take place from 3:30 - 5:00 p.m. on Wednesday, January 11, 2023. This event is open to the public and is available to anyone who registers.
All attendees must register individually – no group registrations will be allowed. Registration fee for virtual attendance is $40.
Speakers: John Hackney, Cassandra Bradford and Sam Grier
Topic: TEFRA Leave Us Feeling BBA’AD: An Overview of the New Centralized Partnership Audit Regime
Dad jokes aside, Congress replaced the TEFRA partnership audit procedures with the Bipartisan Budget Act of 2015 (“BBA”). Although taxpayers could elect to have it apply early, the BBA partnership audit procedures apply beginning in 2018. The first BBA partnership audits have reached their conclusion. These audits raise a series of tough questions facing taxpayers: Who should serve as partnership representative or designated individual? What is a modification request? When does a partnership make a push-out election and what does it mean? How do I account for any adjustment and when? This speech will discuss these important procedural topics from tax attorneys who have been helping their clients grapple with these very questions.
1.5 hours of CLE/CPE credit has been approved. No prerequisites are required for this workshop.