The Flow-Through “Taxpayer” – Partnership Returns and Audits


Tuesday, August 17, 2021 · 2:00 – 3:40 PM ET

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Continuing Education

CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0146
IRS/RPO Approved Program
#7ZBUJ-T-00088-21-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00088-21-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)

Program Content

This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.

The program, through a lively round-table discussion and real time interaction with the audience, looks at the tax issues that apply to partnership tax return preparation and audit of those returns. The program will focus on the classification of partnerships for tax purposes and the important role of the partnership agreement. Panelists will focus special attention on provisions unique to partnership returns. The panel also will explore the special partnership audit rules and the ability of some partnerships to elect out of those rules.

By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of the major tax issues that affect partnership returns and the special audit procedures for partnerships.

Program Learning Objectives

  1. Identify what makes a partnership for tax purposes.
  2. Identify the chief tax issues that arise in reporting partnership income and loss to the IRS and partners.
  3. Identify the tax rules that are unique to partnerships and how they affect tax reporting.
  4. Identify the major features of the partnership audit regime how the partnership may elect out of that regime.

Program Outline

  • What Is a Partnership for Tax Purposes?
    • State law
    • Check-the-box
    • Importance of partnership agreement
    • Partners' income and capital interests

  • The Partnership Return
    • Form 1065 and K1
    • Income
    • Losses
    • Partnership elections
    • Elections at partner level
    • Distributive shares
    • Actual distributions
    • Guaranteed payments
    • Special allocations
    • Limitations on partners' loss deductions

  • Partnership Audit Rules
    • Audit at partnership level
    • Consistency requirement
    • Partnership-related items
    • Administrative procedures
    • Election out

Panelists

Moderator

Alan Pinck, EA
A. Pinck & Associates

Alan Pinck is an Enrolled Agent with over 30 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. You have seen Alan presenting at NTPI events, CSEA Super Seminar, Spidell Publishing as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.

IRS Panelists

To be announced

 

Industry Panelists

Bradley Borden

Bradley T. Borden
Professor of Law at Brooklyn Law School & Principal at Bradley T. Borden PLLC

Bradley T. Borden is a Professor of Law at Brooklyn Law School and the principal at Bradley T. Borden PLLC. He teaches Federal Income Taxation, Partnership Taxation, Taxation of Real Estate Transactions, and LLCs and Partnerships. Before entering the legal academy, he practiced law at Oppenheimer, Blend, Harrison & Tate, Inc., in San Antonio, Texas, and continues to practice and advise property owners doing complicated real estate transactions. As the principal of Bradley T. Borden PLLC, he also frequently works as an expert witness or consultant in cases and transactions related to section 1031, partnership and real estate taxation, and other aspects of partnerships and LLCs. Brad is the author of several books and numerous articles in leading tax and legal journals.

His articles are published in professional journals, such as Business Entities, The Journal of Taxation, Probate and Property, Real Estate Finance Journal, Real Estate Taxation, Tax Management Real Estate Journal, and Tax Notes, and law reviews, such as Brooklyn Law Review, Florida Law Review, Florida Tax Review, Georgia Law Review, Houston Law Review, Iowa Law Review, Kansas Law Review, University of Pennsylvania Journal of Business Law, The Tax Lawyer, and Virginia Tax Review. He is also columnist for Journal of Passthrough Entities. He has given more than 250 presentations on topics related to his scholarship.

Brad is a fellow of the American Bar Foundation and the American College of Tax Counsel. He is an active member of the Section of Taxation of the American Bar Association and a past chair of the Sales, Exchanges & Basis Committee of that Section and is active in the Tax Section and Business Law Section of the New York State Bar Association. He earned a B.B.A. and M.B.A. from Idaho State University and a J.D. and LL.M. in taxation from University of Florida Fredric G. Levin College of Law, he is licensed to practice law in New York and Texas, and he is a certified public accountant.

Mark F. Seid

Mark F. Seid, EA, CPA, USTCP

Mark F. Seid is an enrolled agent, certified public accountant and is admitted to practice before the U.S. Tax Court.  He was an Internal Revenue Agent with the IRS in San Jose and San Luis Obispo, California. 

Mark has an active tax practice in Paso Robles, California specializing in small businesses and tax controversy. He regularly presents courses to tax professionals on issues impacting small business. For the last several years Mark has been presenting federal and state tax update courses throughout the United States and internationally.

Content Consultant

David F. Windish, J.D., LL.M
Content Consultant

David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.

Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.

Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.

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