BBA Impacts on Corporations Self-Study Webinar
Overview
The centralized partnership audit regime introduced under the Bipartisan Budget Act (BBA) continues to create important compliance, filing, and financial considerations for corporations with partnership interests. This self-study webinar provides a practical overview of how the BBA rules apply, key filing decisions, and the mechanics of partnership audits and collections. Participants will gain insight into:
- How the BBA audit regime affects corporations with partnership investments or interests
- Key filing, reporting, and election considerations under the current rules
- Practical implications for audit exposure, collections, and transaction structuring
Objective
To provide CPAs and other tax and finance professionals with a practical understanding of the centralized partnership audit regime under the BBA, enabling them to evaluate filing requirements, manage audit considerations, and address related planning and compliance issues.
DETAILED LEARNING OBJECTIVES
• Identify the scope and applicability of the Centralized Partnership Audit Regime (BBA)
• Recognize eligibility requirements and procedures for electing out of BBA
• Distinguish between partnership-level and partner-level adjustments under BBA
• Identify the authority and responsibilities of the Partnership Representative (PR)
• Recognize the treatment of partnership-related items and inconsistent reporting rules
• Identify available modification options for imputed underpayments
• Distinguish between partnership payment of an imputed underpayment and a push-out election
• Recognize collection, assessment, and successor liability considerations under BBA
Emphasis
- Filing considerations:
– Who and what BBA applies to
– Considering whether to elect out
– Partnership-related items
– Notice of Inconsistent Treatment (Form 8082) - BBA audits
- Structure and examples using Form 8986
- Collection: who pays and special collection tools
- Deal considerations
Speakers
Jenni Black, Managing Director, Citrin Cooperman
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