COR2306. BBA Partnership Audits and State Tax Impact

Congress gave the IRS new partnership audit procedures when it enacted the Bipartisan Budget Act of 2015 with the goal of increasing partnership audits. The new rules generally went into effect for partnership tax years beginning on or after January 1, 2018. Since that time, practitioners have seen a rise in partnership examinations. Now, with additional Inflation Reduction Act funding, the IRS commitment to increasing enforcement for the wealthy and large entities, including partnerships, is sure to further increase the number of BBA audits. This program will address the unique audit procedures under the BBA and provide insight on how to navigate these rules. It will also address how to address state tax law obligations given the unique features of BBA audits including modification and push out.

Learning Objectives:

• Recognize BBA audit process.
• Identify unique milestones and deadlines under the BBA audit procedures.
• Identify how state law addresses the unique features of BBA audits.