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Tuesday, October 31, 2023 Live Webcast

Surgent's Mastering Basis Issues for S Corporations, Partnerships, and LLCs (E2310112)

1:00 PM - 4:30 PM EDT

Registration: 12:30 PM EDT

webcast

Vendor Platform

4 CPE Credits in TX

OVERVIEW

The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules. This course is designed to focus on the practical applications of these rules.

This course features a live instructor and has been specifically designed for the NJCPA.

DESIGNED FOR

CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues

BENEFITS

  • Applicable coverage of any basis considerations within any recent tax legislation enacted before the presentation
  • Discuss new pass-through basis calculations required as attachments to certain individual returns
  • Excess business losses and the NOL updates made by the CARES and Tax Relief Acts of 2020
  • Tax Basis Capital Account Reporting Requirements
  • How §179 limitations affect basis and how the “tax-benefit” rule is applied
  • S corporations: Beware of final IRS regulations regarding “open debt” of S corporations; understand the effect of stock basis and debt basis and IRS’s recent focus on “at-risk basis” for shareholders; recognize how AAA applies or does not apply to certain S corporations; learn to apply the complex ordering rules and special elections that can have a big tax result; become aware of when you can have a taxable dividend in an S corporation; understand distributions of cash and property and post-termination transition rules, and temporary new TCJA post-termination rules for eligible corporations
  • LLCs and partnerships: Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; determine how to calculate basis under both §704 and for “at-risk” under §465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; review §754 step-up in basis rules; and learn how TCJA cleans up the basis treatment of charitable contributions and foreign taxes paid

HIGHLIGHTS

  • Determine initial basis and organizing tax-free under §351 and §721
  • Discuss what affects basis and how to treat distributions
  • Pass the loss limitation hurdles to deduct pass-through losses

COURSE LEVEL

Intermediate

PREREQUISITES

Experience in business taxation

ADVANCE PREPARATION

None

ADDITIONAL NOTES

  • Qualifies for IRS credit

INSTRUCTOR

Deborah Phillips

Deborah A. Phillips, CPA, MST

Surgent Professional Education

Debbie operates her own tax controversy practice, specializing in partnership and S corporation tax law as well as IRS audits and procedures. She has been successful petitioning and resolving tax issues under the jurisdiction of the United States Tax Court. She is proficient in Section 199A provisions and computations as well as the Tax Cuts and Jobs Act. She prepares all types of tax returns and utilizes her forensic accounting skills for potential IRS criminal prosecution. Having spent more than 32 years at the IRS, Debbie retired from its Large Business and International Division, where she was a senior manager in the Flow-Through Issue Practice Group, which specialized in S corporation and partnership tax. She was the operations and technical assistant to the Deputy Commissioner International; the technical assistant to the Director of PFTG; a territory manager in the retail, food and pharmaceuticals industries; a team manager in the heavy manufacturing industry; and the IRC Section 263A Technical Advisor. Debbie taught accounting and taxation as an adjunct at Delaware State University, Wilmington College and Goldey-Beacom College. She has been a seminar presenter for over 24 years and a textbook author. She regularly receives the Surgent Outstanding Discussion Leader Award.

PRICING

$189.00 - Member

$264.00 - Nonmember

Event Cancelled

This event has been cancelled.

ADDITIONAL OPTIONS

Print a registration form

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COURSE DEVELOPER

Surgent

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