Partnership/LLC Taxation: Understanding Tax Basis Capital Accounts
2.00 Credits
Member Price $109
Non-Member Price $139
Overview
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
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
Designed For
CPAs in public practice and industry seeking an update on the latest tax developments impacting partnerships and LLCs
Objectives
- 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
Preparation
None
Leader(s):
Leader Bios
Steven Dilley, Federal Tax Workshops
Steven C. Dilley, CPA, JD, PhD, is president of Federal Tax Workshops, Inc., located in East Lansing, Michigan. He is nationally known for his knowledge of the financial, accounting and tax problems of the closely held business and individual taxpayers. He has published numerous articles on these topics. In addition, Steve is a professor of accounting at Michigan State University, where he teaches tax accounting and has recently received two teaching awards. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, the American Accounting Association, AICPA, American Tax Association and Hawaii Association of Public Accountants.
Non-Member Price $139
Member Price $109