New IRS Rules for Audits and Collection Procedures for Partnerships, Including Many LLCs

$210.00

CLE Credits earned: 3 GENERAL (or 3 LAW & LEGAL for WA state)

The new IRS partnership audit and collection procedures have dramatically changed the ways in which taxes are audited, assessed and collected with respect to entities taxed as partnerships, including many LLCs. Learn how the new rules work, how the new rules may pit current and former partners or members against each other, what can be done to reduce the chances of litigation, and the due process implications of the new rules (to be determined).

Key topics to be discussed:

•   Partnership Audit and Collection Procedures Explained, New and Prior Laws
•   New Law Tax Liability and Collections Against Partnership Entities and Equity Owners
•   How to Reduce the Chances Litigation Among Partnership Entities, Current and Former Owners, and the Partnership Representative
•   Due Process Implications of the New Rules

Date / Time: January 23, 2020

•   2:00 pm – 5:10 pm Eastern
•   1:00 pm – 4:10 pm Central
•   12:00 pm – 3:10 pm Mountain
•   11:00 am – 2:10 pm Pacific

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•   Live Video Broadcast/Re-Broadcast: Watch Program “live” in real-time, must sign-in and watch program on date and time set above. May ask questions during presentation via chat box. Qualifies for “live” CLE credit.
•   On-Demand Video: Access CLE 24/7 via on-demand library and watch program anytime. Qualifies for self-study CLE credit. On-demand versions are made available 7 business days after the original recording date and are view-able for up to one year.

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Original Broadcast Date: October 25, 2019

Norman S. Newmark, Esq. is a partner in AEGIS Law, a law firm based in Frontenac, St. Louis County, Missouri, where he is the chair of the tax practice group. Mr. Newmark focuses his practice on the tax aspects of mergers and acquisitions, e-commerce, venture capital, business formation (including partnership entities), estate planning and business succession. He represents individuals and businesses in tax controversies before the Internal Revenue Service, state tax departments, and various tax tribunals including the U.S. Tax Court. Mr. Newmark also represents individuals and corporate trustees in probate administration and litigation cases. Mr. Newmark has previously authored or co-authored articles in periodicals such as The Banking Law Journal, the Journal of the Missouri Bar, the Oklahoma Bar Journal, and the University of Missouri Business, Entrepreneurship & Tax Law Review on various tax related topics including mergers and acquisitions, powers of appointment in estate planning, the tax aspects of the Patient Protection and Affordable Care Act, the new IRS rules for partnership audits and collections, and the US Supreme Court internet sales tax decision in South Dakota v. Wayfair, et al.

Mr. Newmark is a frequent lecturer at local and national continuing education events for attorneys and accountants. As a member of The Missouri Bar Probate and Trust Division, he drafted key provisions of the Missouri Uniform Powers of Appointment Act recently enacted into law by the Missouri General Assembly. He provides pro-bono legal services to several charities and was listed in the Missouri Bar Pro Bono Wall of Fame for 2011 and 2013 for his charitable efforts. He received a Lifetime Achievement award from Heat Up St. Louis, a regional energy assistance charitable organization, in recognition of his pro-bono legal work for the organization.

Mr. Newmark earned his BA degree, cum laude, from Boston University, and both his J.D. degree (Order of the Coif) and LL.M. degree in taxation from the Washington University School of Law. He is a member of the American Bar Association/Section on Taxation, the Missouri Bar and the Oklahoma Bar, and is admitted to practice before the US Tax Court.

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Section I. Taxation of Partnership Entities in General
a. Overview of Pass-Thru Rules of Subchapter K, Internal Revenue Code
b. Audit and Collection Procedures under Prior Laws, Liabilities and Rights of Individual Partners

Section II. New “BBA” Rules for Partnership Audits and Collections
a. Liability of Partnership Entity, in General
b. Electing Out of the BBA Rules
c. Requirements for Partner Conformity with Partnership Return
d. Partnership Representative Role and Authorities
e. Modifications of Partnership Entity Tax Liabilities
f. “Push-Out” Procedures to Partners of Audited Year
g. Administrative Adjustment Requests
h. IRS Notification and Collection Procedures, Tax Litigation Procedures
i. Misc. Time Deadlines

Section III. How the New Rules Affect M&A Transactions and Operating Agreement Provisions/Avoiding or Reducing the Chances of Post-Tax Proceeding Litigation
a. Suggested Considerations/Provisions

Section IV. Potential Due Process Issues with the New Rules