Partnership/LLC Taxation: Tax Basis Capital Accounts
Online
2.00 Credits
Member Price $89.00
Non-Member Price $124.00
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. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Objectives
After attending this presentation you will be able to...
- Apply recent tax developments affecting the partnership entity and its partners
Highlights
The major topics that will be covered in this class include:
- Discuss the impact of the Section 199A flow-through entities deduction on partnerships and their partners
- The meaning of a "tax basis capital account"
- How the financial accounting and tax capital accounts differ from one another
- Determine a partner's share of the partnership's liabilities
- Distinguish "recourse" loans from "nonrecourse" loans
- What are "qualified nonrecourse financing" loans and how they affect partners
- Section 704 "built-in gain or loss" rules and how they impact Schedule K-1 reporting
- Section 4655 "at risk" rules and how they impact Schedule K-1 reporting
Designed For
CPAs in public practice and industry seeking an update on the latest tax developments affecting partnerships.
Prerequisites
Basic working knowledge of partnership taxation.
Preparation
None
Notice
You will receive an email from CPA Crossings via Webex with instructions to access the webinar.
Leader(s):
Leader Bios
Steven Dilley, Federal Tax Workshops
Steve is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 33 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business and individual taxpayers. He has published numerous articles on these topics.
In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting. He received the 2005 "Distinguished Achievement in Accounting Education Award" in Michigan. He also received the 2007 "MSU Accounting and Information Systems Department Outstanding Teacher Award."
He obtained his Ph.D. in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.
Non-Member Price $124.00
Member Price $89.00