Partnership Checkup: Tax Issues & Forms Reporting

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