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 kori.herrera@acpen.com
DESIGNED FOR
CPAs working in public accounting firms and/or working for within a partnership
BENEFITS
- Identify recent tax developements impacting the partnership entity and its partners
- Identify potential pitfalls and planning opportunties
HIGHLIGHTS
- Clarify the importance of partnership capital accounts and partnerships debt on partner's tax basis
- Impact of contributed property
- Explain the importance of shareholder loans to the entity
- Discuss how basis is impacted by distributions of corporation property and the sale/or liquidation of the S corporation interest
- Comprehensive examples illustrate the mechanics of the basis determination process
- Discusses how S corporation losses impact Form 1040 Schedule E reporting
- How to get from the Schedule K-1 information to the basis calculations
PREREQUISITES
Basic working knowledge of partnership taxation
ADVANCE PREPARATION
None