Surgent's Mastering Basis Issues for S Corporations, Partnerships, and LLCs - VIRTUAL
4.00 Credits
Member Price $145
Non-Member Price $195
Overview
The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules. This course is designed to focus on the practical applications of these rules.
Highlights
- Applicable coverage of any basis considerations within any recent tax legislation enacted before the presentation
- Discuss new pass-through basis calculations required as attachments to certain individual returns
- Excess business losses and NOLs Tax Basis Capital Account Reporting Requirements
- How 179 limitations affect basis and how the "tax-benefit" rule is applied
- S corporations: Beware of final IRS regulations regarding "open debt" of S corporations; understand the effect of stock basis and debt basis and IRS's recent focus on "at-risk basis" for shareholders; recognize how AAA applies or does not apply to certain S corporations; learn to apply the complex ordering rules and special elections that can have a big tax result; become aware of when you can have a taxable dividend in an S corporation; understand distributions of cash and property and post-termination transition rules, and temporary post-termination rules for eligible corporations
- LLCs and partnerships: Learn the detailed rules of 704 for preventing the shifting of tax consequences among partners or members; determine how to calculate basis under both 704 and for "at-risk" under 465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; review 754 step-up in basis rules; and learn how legislation cleans up the basis treatment of charitable contributions and foreign taxes paid
Prerequisites
Experience in business taxation
Designed For
Accounting and Financial Professionals who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues
Objectives
- Determine initial basis and organizing tax-free under 351 and 721
- Discuss what affects basis and how to treat distributions
- Pass the loss limitation hurdles to deduct pass-through losses
Preparation
None
Leader(s):
Leader Bios
Pamela Davis-Vaughn, Surgent McCoy CPE, LLC
Pamela J. Davis-Vaughn, CPA, is a general practitioner providing accounting, tax, and consulting services to clients across the United States from her office in Painted Post, New York. She has designed and taught undergraduate and graduate courses in state and local tax at Texas universities, including Baylor and Texas Tech; and has been a highly rated speaker at the Controller’s Roundtable, a sponsored event for controllers of automobile dealerships in Texas.
In addition to her accounting practice, Pam and her husband, Darryl, are owners of One Main Place Farms, an organic farming operation located in upstate New York. Pam has over 25 years of experience in both public and private accounting sectors. Her public experience ranges from a Big Four firm where she assisted several Fortune 500 companies in restructuring their operations to provide state income and franchise tax savings, participated on the mergers and acquisitions team, and served as the Southwest Area Employment Tax practice leader to providing tax consulting services for closely held businesses of a 16-partner, 100-staff Dallas CPA firm. Her experience in the private sector as CFO of a Dallas based manufacturer servicing the telecom industry and Tax and Accounting Manager of a large independent oil and gas company provides her with significant insight into the challenges faced by those practicing in industry.
Pam holds a BS degree in Business and Accounting from the University of Kansas, an MBA from Wichita State University, and has completed post-graduate work in International Tax at New York University. She holds a license to practice in Kansas, Texas, and New York.
Non-Member Price $195
Member Price $145