The taxation of LLCs and other entities taxed as partnerships continue to change. The IRS has complex new rules regarding reporting negative tax basis capital accounts and their rules have created confusion for practitioners between tax basis, tax basis capital accounts and 704(b) capital accounts. Treasury has issued new Regulations in a number of areas including the taxation of carried interests and withholding on foreign partners.
Clients have ongoing issues in connection with the granting of interests to employees, and the reporting changes that necessitates as former employees become partners. The taxation of gain on sale of carried interests has been modified.
DESIGNED FOR
Public Practitioners, Industry CPAs, and EAs
BENEFITS
- Stay up to date on changes under Subchapter K
- Address new IRS Form changes affecting partnerships
- Understand partnership tax basis capital account options
HIGHLIGHTS
- Syndicates
- Changes to Form 1065
- New Withholding Rules on Foreign Partners
- Employee Vs. Partner Classification
- Final Carried Interest Regulations
- Allocations in 704(b) Capital Accounts
- Tax Basis Capital Account Reporting
- PPP Loans
- COD
COURSE LEVEL
Update
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES
**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 leighanne.conroy@acpen.com.