Thursday, Jan 4, 2018
10:00am – 6:00pm
The Treasury Department has proposed new Regulations designed to eliminate discounts in family partnerships. Meanwhile, the new Republican Congress and Trump Administration are considering estate tax repeal while possibly keeping a gift tax. You will need to be up to date to determine whether a family partnership continues to make sense for your client. Are you losing an income tax basis step-up? What do you need to change? Does the partnership need to be unwound?
The Bipartisan Budget Act of 2015 will soon change partnership audits forever. TEFRA audit rules are being replaced that impose tax liability at audit at the partnership level even though the partners may have changed, and there is an election to do that for 2016 returns if the partnership elects. The Tax Matters Partner/Member is being replaced by a Partnership Representative who need not be a partner but who can bind the partnership at audit. Even the statute of limitations can go beyond three years. There are numerous elections and traps for the unwary.
Additionally, there are new proposed and final regulations under Section 706 for changes in a partner’s interest and proposed changes to the partnership recourse and non-recourse basis rules. The basis rules you have known for years have already changed in the case of the disguised sales rules. Some transactions that once produced no gain will now produce substantial gains.
And that’s only the highlights as of year-end 2016. Congress is likely to make substantial changes that impact tax planning using partnerships and LLCs in 2017.
Join our panel of experts as they navigate the big new changes in partnership tax planning.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to email@example.com.
*Understand the new changes in partnership tax planning
*Find out what is new in partnership taxation as of year-end
*Discuss key components and proposed changes in the area of partnership taxation
*The Bipartisan Budget Act of 2015
*New proposed and final regulations under Section 706