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22WS-1324: Surgent's Introducing Partner Capital Account Reporting (Webinar)

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

Date Wednesday, January 4, 2023
Time 9:00am - 11:00am
Central Time
Location Online
CPE credits CPE 2.0
Field(s)
of study
Taxes - Technical (2.0)
Specialty
credits
2.0 IRS CE approved
Instructor Michael Tucker, PhD, LLM, JD, CPA
Surgent
Fees
Standard Member Fee $99.00
Standard Nonmember Fee $99.00

Description

Tax practitioners are responsible for presenting partner capital accounts on the tax basis. But what does this mean and how does it differ from prior year rules regarding partner capital accounts? This webinar covers exactly that -- how the rules regarding the presentation of partner capital accounts differ from preceding years. For tax practitioners preparing 2021 partnership 1065 forms, this course explains these complex new rules in practical and understandable terms.

Who should take this program?

Any tax practitioner who will be preparing partnership income tax returns for 2021 or 2022

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
  • 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 2021
  • Beginning capital account for partnerships and partners consistently reporting on the tax basis

Learning objective(s)

  • Understand how a partner determines and reports his or her tax basis capital account for 2021 and after

Notes:

Course code Code 22WS-1324
Sponsor Surgent
NASBA ID#: 103212
Level Basic
Format Group Internet Based
Prerequisites Prereq. Basic understanding of tax rules relating to partnerships and partners
Advance
prep
None

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