The IRS has made some game-changing updates on reporting basis. This course examines the critical issues and special opportunities facing partnerships and their partners, as well as the relationship between limited liability companies and partnerships. How the Tax Cuts and Jobs Act impacted the tax structure of partnerships and LLCs will be addressed, as well as the significant impact of the new Section 199A flow-through entities deduction on partnerships.
**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.
DESIGNED FOR
Practitioners with partnership clients and those seeking knowledge on thorny partnership issues
BENEFITS
- Define the tax consequences and various liabilities for both partnerships and LLCs
- Identify basis and how to report it
- Discuss the impact of the new Section 199A deduction on partnerships
- Apply planning opportunities and potential pitfalls
HIGHLIGHTS
- Recent tax legislation, rulings, and developments impacting partnerships and LLCs, including TCJA and COVID-19 related provisions
- Transfer of partnerships interest* Reporting basis negative capital acounting
- How to calculate basis and report it on Form 1065, Schedule K-1
- The impact of the new Section 199A deduction on partnerships and LLCs
- New Section 163(j) interest expense deduction
- New partnership audit rules
COURSE LEVEL
Intermediate
PREREQUISITES
Basic working knowledge of partnerships and LLCs
ADVANCE PREPARATION
None
ADDITIONAL NOTES
IRS Program Number: 90EKV-T-00380-21-O. Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).