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.
*Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Coursw Materials Tab and submit to kori.herrera@acpen.com
DESIGNED FOR
CPAs in public practice and industry seeking an update on the latest tax developments impacting partnerships and LLCs
BENEFITS
- Identify recent changes impacting the partnership entity and its partners
- Apply rules for reporting partner tax basis capital accounts
- Apply planning opportunities
- Identify potential pitfalls
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
- How to determine a partner's share of the partnership's liabilities
- Distinguishing "recourse" loans from "nonrecourse" loans
- What are "qualified nonrecourse financing" & loans and how they affect partners
- Section 704 "built-in gain or loss" & ules and how they impact Schedule K-1 reporting
- Section 465 "at risk" rules and how they impact Schedule K-1 reporting
PREREQUISITES
Basic working knowledge of business and partnership taxation
ADVANCE PREPARATION
None