Partnership Audit Rules Under the Bipartisan Budget Act – What You Don’t Know Might Hurt You

The BBA audit rules provide a radically different approach for how adjustments are made in the partnership context. Although the BBA was enacted in 2015, practitioners are still grappling with its implications and how to advise clients. This panel will address issues that are critical in transactions and audits. After completing this session, participants will be able to:

Draft provisions in partnership agreements and other transactional documentation that address BBA issues
Calculate the imputed underpayment and evaluate strategies for shifting risk
Address the partnership audit rules in transactional due diligence