The Centralized Partnership Audit Regime (CPAR) created through the Bipartisan Budget Act of 2015 replaces the auditing and tax collection procedures for partnerships under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and the electing large partnership rules.

The CPAR is generally effective for tax years beginning January 2018 and is vastly different than its predecessor rulesets. As CPAR audits become more prevalent, this presentation will help impacted parties understand what to expect from the CPAR audit process, the role of the Partnership Representative, and what options are available to the partnership in the event of an Imputed Underpayment determination.What You'll Learn:The Changing Partnership Audit Landscape

• Pre-2018
  
• 2018 and Beyond
  
• Key Differences

The Role of the Partnership Representative

• Powers of the Partnership Representative
  
• Selecting the Partnership Representative
  
• Effectively Managing the Partnership Representative Through the Partnership Agreement

What to Expect When Audited

• Initial Notification
  
• Responding to Information Document Requests
  
• Working With the IRS Agent

Wrapping the Audit

• Summary Report and Right to Appeal
  
• Notice of Proposed Partnership Adjustments
  
• Notice of Final Partnership Adjustments
  
• Push-out Election