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Partnership Audit Regulations: What Every Lawyer Needs to Know

(140 reviews)

Produced on December 05, 2017

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Course Information

Time 62 minutes
Difficulty Intermediate
Categories Tax Law

Course Description

In 2017, the IRS issued new regulations that implement a centralized audit regime for partnerships. The new audit regime, which takes effect January 1, 2018, is designed to raise tax revenue and make it easier for the IRS to audit large partnerships, and allows the IRS to collect tax directly at the entity level from the partnership.

This program, taught by Vivek Chandrasekhar of Roberts & Holland and Sarah Brodie of Morgan Lewis, will discuss the background of the new Partnership Audit rules, the changes in tax liability for partnership entities, and what attorneys need to know about drafting operating agreements to best serve their clients under the new regime.


Learning Objectives:

  1. Survey the history of the Partnership Audit Rule in the context of its precursor
  2. Discuss what the changes will mean for partnership entities in 2018
  3. Draft operating agreements addressing these changes



Credit Information

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Faculty

Vivek Chandrasekhar

Roberts and Holland LLP

VIVEK A. CHANDRASEKHAR received his B.A. with highest honors from Indiana University in 2006, and his J.D. magna cum laude from New York University in 2011, where he received the Order of the Coif and was a Managing Editor of the Law Review. From 2012-2013, he was a law clerk to the Honorable Rosemary S. Pooler, United States Court of Appeals for the Second Circuit.



Sarah Brodie

Morgan, Lewis & Bockius LLP


Sarah Brodie concentrates her practice on tax planning, with special focus on partnership tax. She advises financial institutions, energy companies, and other multinational corporations in various contexts. Sarah has worked in mergers and acquisitions, internal restructurings, and various proceedings before the Internal Revenue Service (IRS). She drafts partnership agreements and recently became a co-editor of Structuring and Drafting Partnership Agreements: Including LLC Agreements (Warren, Gorham & Lamont).


Sarah previously interned for the IRS Office of Chief Counsel, Large and Mid-Sized Business division. She assisted in tax shelter litigation and in settlement negotiations with corporate taxpayers.



Reviews

EF
Elliot F.

Good treatment of a complex topic.

MW
Marla W.

very informative

AB
Amy B.

I liked how the two presenters worked together. Made audit stuff a little more interesting! (needed a credit hour )

SH
Stephen H.

well done

KL
Kathy L.

Thanks

MR
Maureen R.

Very timely and comprehensive.

CR
christopher r.

Topic was dense, but faculty seemed to know it well.

MP
Matthew P.

The presenters were great.

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