Beginning with the filing of 2018 Form 1065 Partnership returns, IRS has adopted a new way to audit partnerships. We will review the regulations and the changes made by passage of the Consolidated Omnibus Appropriations Act of 2018. Audits will begin sometime after the 2019 filing season, so preparing for what the audit will entail, determining any opt out provisions, and defining the imputed underpayment and the push out options will assist you and your client in preparation for a potential audit. In addition, discussion of the responsibilities of the “personal representative” will be covered
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