In August, the IRS finalized regulations governing designation of partnership representatives for centralized audit rules. Davis|Kuelthau Tax attorney, Mark G. Kmiecik and Thomas L. Smitha of Berkowitz Pollack Brant Advisors and Accountants discussed key strategies and mechanics of electing out of the centralized partnership audit rules in their presentation, “New Partnership Representative Final Regulations Under Section 6223 Centralized Audit Regime”. The new regulations provides a guide for tax professionals to properly advise partnership clients on how to mitigate potential tax issues.
Specifically, Mark and Thomas addressed:
- What changes do the final regulations make to the “capacity to act” provision in the proposed regs?
- How to change a partnership representative after the IRS has contacted a partnership about a possible audit
- Rules governing the use of DREs as partnership entities
- Changes to the provision allowing the IRS to designate a representative if the partnership has not made an eligible selection
This online webinar was hosted by Strafford Webinars and took place on Thursday, October 25 from 12:00 PM – 1:30 PM. For more information, or to purchase a copy of the recording, please visit Strafford’s Website.