Mobile Edition

ACPEN Signature: 2017 LLCs & Partnerships Update (ACLLC03)

Date:Friday, December 15, 2017
Time:10:00AM - 6:00 PM
(Registration at 9:30 AM)
Facility:Webcast or Webinar, Online
CPE Credit:8.0 Technical Business
Instructors: Matthew S. Beard Joel N. Crouch
Course Level:Update
Early Bird Price:$195.00 FICPA Members, $245.00 Non-Members


IRS Form 1065 continues to be a challenge and mistakes are frequently made. Our panel will review the form and explain how common errors can be avoided.  In particular, our panel will review the basis and allocation rules where many errors are made and assist you by reviewing common partnership provisions that affect allocations.

The Bipartisan Budget Act of 2015 changed 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 now if the partnership elects.  Moreover, allocation errors may result in a true partnership level tax.  Also, the Tax Matters Partner/Member is being replaced by a Partnership Representative who need not be a partner and can bind the partnership at audit. Even the statute of limitations can go beyond three years.  Treasury recently released extensive new regulations on this major change and there are some traps for the unwary.

Additionally, the panel will look at the consequences of the purchase and sale of a partnership interest and the effects of a 754 election.  While often used, the 754 election seems to be misunderstood in its effect and reporting.

There are new, proposed and final regulations under Section 706 for changes in a partner’s interest, complex new proposed regulations under 734(b), changes to the partnership recourse and nonrecourse basis rules under the disguised sale rules, proposed changes to eliminate discounts in family partnership planning and proposed regulations on contributions of built-in loss property.  Our panel will provide an overview of these final and proposed changes.

Join our panel of experts as they navigate the big new changes in partnership tax planning.


  • 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

    Major Topics:

  • The New Partnership Audit Rules: Impact on Controversy and Partnership Agreements

  • Proper Preparation of the Form 1065

  • Section 752: Allocation of Partnership Liabilities

  • Profit and Loss Allocations, Distributions and Other Key Tax Provisions for Partnership Agreements

  • Purchase and Sale of a Partnership Interest  

  • Regulatory Update

    Who Should Attend:
    Public Practitioners


    Advanced Preparation:


    If listed below, select the appropriate sessions or options to continue with your purchase.

    Registration Status: CLOSED - Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.