Gain expert insight into new reporting rules, audit procedures, and best practices for partnership filings

Partnership tax reporting continues to evolve, with notable changes affecting Form 1065, Schedule K-1, and related disclosures. This program, presented by tax attorney Nicholas Preusch, offers a comprehensive update on the latest IRS requirements, regulatory guidance, and best practices for partnership returns.

Designed specifically for tax professionals involved in preparing or reviewing partnership filings, the session will explore key developments from recent legislation, Treasury regulations, IRS notices, and court decisions—each of which has significant implications for partnership compliance and strategic planning in 2025 and beyond.

By the end of the program, participants will be better equipped to navigate complex reporting requirements, manage compliance risks, and provide effective, informed advice to clients.

Webinar Objectives

Upon completing this course, participants will be able to:

• Identify and apply recent changes to Form 1065 and Schedule K-1 reporting requirements.
• Understand updates related to partnership audits under the Bipartisan Budget Act (BBA) regime.
• Recognize new IRS priorities, including disclosures for foreign partners, international activities, and tax basis capital reporting.
• Implement best practices for gathering client information, preparing returns, and managing compliance risks.
• Advise partnership clients regarding new opportunities and pitfalls resulting from recent tax law changes.

Webinar Agenda

I. Overview of Recent Developments

• IRS updates impacting Form 1065 and Schedule K-1
• Legislative and regulatory changes affecting partnerships
• Key court cases and IRS guidance to watch

II. Detailed Changes for 2024 Filing Season

• New and revised forms, schedules, and instructions
• Capital account reporting: tax basis capital and other clarifications
• Reporting international transactions and foreign ownership stakes
• Updates on reporting partnership liabilities

III. Partnership Audit Procedures and Compliance

• BBA audit regime updates and election considerations
• Push-out election procedures and modifications
• IRS enforcement trends and audit targets

IV. Practice Tips and Implementation Strategies

• Best practices for data collection and client communication
• Tips for avoiding common errors and audit flags
• Planning opportunities and proactive client advice

V. Q&A 

• Open Q&A for participant concerns and real-world examples

Who Should Attend

CPAs, Tax Preparers, EAs, Tax Attorneys, CFO/CEOs, and Corporate Finance Teams

Credit(s)

IRS CPE Credits: 1 Tax hour