Partnership Checkup: Tax Issues & Forms Reporting
Overview
This program addresses the most recent developments impacting partnerships operating as LLCs, with a focus on legislative, administrative, and tax form changes. Emphasis will be placed on partners "tax basis" capital accounts & now required for tax form reporting, as well an overview of K-2 and K-3 reporting requirements and effective dates.
*Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Delivery Method: Individual webcast
CPE Credit: Taxes
Program Level: Intermediate
Highlights
- Clarify the importance of partnership capital accounts and partnerships debt on partner's tax basis
- Impact of contributed property
- Explain the importance of shareholder loans to the entity
- Discuss how basis is impacted by distributions of corporation property and the sale/or liquidation of the S corporation interest
- Comprehensive examples illustrate the mechanics of the basis determination process
- Discusses how S corporation losses impact Form 1040 Schedule E reporting
- How to get from the Schedule K-1 information to the basis calculations
Prerequisites
Basic working knowledge of partnership taxation
Designed For
CPAs working in public accounting firms and/or working for within a partnership
Objectives
- Identify recent tax developements impacting the partnership entity and its partners
- Identify potential pitfalls and planning opportunties
Preparation
None
Leader(s):
Leader Bios
Steven Dilley, CPA Crossings, LLC
Steve Dilley is President of Federal Tax Workshops, Inc. He is nationally known speaker and author on financial, accounting, and tax problems of the closely held business and individual taxpayers. Steve obtained his undergraduate accounting degree, PhD in accounting, and law degree from the University of Wisconsin-Madison and is a retired Professor of Accounting at Michigan State University. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.
Non-Member Price $159.00
Member Price $129.00
Registration for this event on this date is closed. See above for alternate dates.