Remedies for Partnership Form 1065 Errors Resulting from Tax Reform and Centralized Audit Rules
Fixing Missed or Incorrect Elections, Superseding Returns, Change of Partnership Representative, Tax Basis Reporting
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax professionals and advisers with a critical early look at available measures to correct errors on Form 1065 U.S. Return of Partnership Income arising from specific provisions of the 2017 tax reform law. The panel will focus on the recent IRS guidance allowing certain partnerships to file superseding 1065 returns and will discuss situations where IRS guidance issued after the filing of the original return necessitates corrections. The webinar will also outline available elections and relief requests.
Outline
- Partnership reporting errors arising from the tax reform law
- Incorrect partnership representative designation
- Opt-out election from centralized audit regime for eligible partnerships
- 199A calculation and aggregation errors
- Partners' tax basis K-1 disclosure errors
- Impact of errors on book accounting and corrective entries
- Rev. Proc. 2019-32 extending deadline for superseding returns
- Eligible partnerships
- Filing deadlines
- Reissuing K-1s
- Corrective elections
- Other avenues for relief from penalties due to Form 1065 errors
Benefits
The panel will address these and other relevant questions:
- IRS proposed and temporary guidance on how the 20% deduction for qualified business pass-through income works
- Critical provisions and changes in the new tax reform law for partnerships and LLCs
- How changes to other business tax provisions impacted partnerships and other pass-through entities
- Discussion of interest and loss limitations
- Planning considerations in light of Dec. 31, 2025, sunset provision
Faculty
Terence Coppinger
Partner
Mazars USA
Mr. Coppinger has been advising clients in the areas of tax information reporting and IRS practice and procedure for... | Read More
Mr. Coppinger has been advising clients in the areas of tax information reporting and IRS practice and procedure for more than 24 years. He provides tax consulting and audit representation related services to the firm's asset management, private equity, and hedge fund clients. His practice focuses on domestic and nonresident alien tax information reporting and withholding obligations, the Foreign Account Tax Compliance Act, The Common Reporting Standard and withholding foreign partnerships. Mr. Coppinger has served on the IRS Relations Committee of the New York State Society of CPAs and the IRS’ Information Reporting Program Advisory Committee where he sat on the International Reporting and Withholding subcommittee.
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Faye Tannenbaum, CPA
Partner
Mazars USA
Ms. Tannenbaum has over 28 years of experience providing tax compliance and consulting services to some of the largest... | Read More
Ms. Tannenbaum has over 28 years of experience providing tax compliance and consulting services to some of the largest entities operating within the United States, including private equity companies, banks, broker-dealers and investment management entities.
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