Webinar

Partnership/LLC Taxation: Understanding Tax Basis Capital Accounts

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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 MaterialsTab and submit to kori.herrera@acpen.com

Major subjects

• 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.

Learning 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.

Who should take this program?

• CPAs in public practice and industry seeking an update on the latest tax developments impacting partnerships and LLCs.

Pricing

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.

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