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 leighanne.conroy@acpen.com.
DESIGNED FOR
CPAs working in public accounting firms and/or working for within a partnerships
BENEFITS
- Identify recent tax developements impacting the partnership entity and its partners
HIGHLIGHTS
- Discussion of the impact of the Section 199A flow-through entities deduction on partnerships and their partners
- The meaning of a “tax basis capital account” -- how do the financial accounting and tax capital accounts differ from one another
- Distinguishing “recourse” loans from “nonrecourse” loans
- What are “qualified nonrecourse financing” loans and how they affect partners
- Review of the Sec. 704 “built-in gain or loss” and Sec. 465 “at risk” rules and how they impact Schedule K-1 reporting
- Schedules K-2 and K-3 * How to calculate tax basis capital accounts, including when the entity is formed, including the impact of contributed property
- Clarify the importance of partnership capital accounts and partnerships debt on partner's tax basis
- Comprehensive example to illustrate the mechanics of the basis determination process
ADDITIONAL NOTES
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