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21WS-1181: Surgent's New Rules Regarding the Calculation and Tax Reporting of a Partner's Basis and Capital Account (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Wednesday, January 26, 2022
9:00am - 11:00am Central Time
2 CPE (2 technical)  |  2 IRS CE

Alternate dates & more options

Many tax practitioners with partnership clients have suddenly realized that they are responsible for presenting partner capital accounts on the tax basis for the first time on 2020 partner income tax returns. But what does this mean and how does it differ from prior year rules regarding partner capital accounts? This webinar covers exactly that -- how 2020 rules regarding the presentation of partner capital accounts differ from preceding years. For tax practitioners preparing 2020 partnership 1065 forms, this course explains these complex new rules in practical and understandable terms.

Major subjects

  • How a partner’s outside basis and capital account differ
  • Reconciling Schedule M-2 Form 1065 with Partnership K-1 Schedule L
  • IRS requirement to report partner tax basis on the transactional approach
  • How to compute a partner’s initial tax capital account for 2020
  • Implications if a capital account is negative
  • Deficit restoration accounts and qualified income offsets
  • Modified outside basis method and modified previously taxed capital method
  • Determining a partner’s beginning capital account for 2020 for a partnership that did not use the tax basis method in 2019
  • Beginning capital account for partnerships and partners already reporting on the tax basis

Learning objective(s)

  • Understand how a partner determines and reports his or her tax basis capital account for 2020

Who should take this program?

Any tax practitioner who will be preparing partnership income tax returns for 2020

Fees

Our records indicate you are a nonmember. If you register, you will be charged $89.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.
Standard Member Fee $89.00
checkmark Standard Nonmember Fee $89.00

More program information

Instructor Michael Tucker, PhD, LLM, JD, CPA
Location Online
Area
of study
Taxation
Field(s)
of study
Taxes - Technical (2.0)
Level Basic
Format Group Internet Based
Sponsor Surgent
NASBA ID#: 103212
Prerequisites Prereq. Basic understanding of tax rules relating to partnerships and partners
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business days before the event start date. Learn more

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If you have questions about this event, please call us at 952-831-2707.