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Partnership Checkup: Tax Issues & Forms Reporting

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Webcast or Webinar

Online, ON 00000

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4.0 Credits

Member Price $129.00

Non-Member Price $159.00

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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, as well an overview of K-2 and K-3 reporting requirements and effective dates.

*Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Highlights

  • Clarify the importance of partnership capital accounts and partnerships debt on partner's tax basis
  • Impact of contributed property
  • Explain the importance of shareholder loans to the entity
  • Discuss how basis is impacted by distributions of corporation property and the sale/or liquidation of the S corporation interest
  • Comprehensive examples illustrate the mechanics of the basis determination process
  • Discusses how S corporation losses impact Form 1040 Schedule E reporting
  • How to get from the Schedule K-1 information to the basis calculations

Prerequisites

Basic working knowledge of partnership taxation

Designed For

CPAs working in public accounting firms and/or working for within a partnership

Objectives

  • Identify recent tax developements impacting the partnership entity and its partners
  • Identify potential pitfalls and planning opportunties

Preparation

None

Non-Member Price $159.00

Member Price $129.00