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2024 Partnership Checkup: Key Tax Issues and Forms Reporting

Monday, December 2
 12:00pm - 4:00pm

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4.00 Credits

Member Price $129.00

Non-Member Price $159.00

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, 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.

Objectives

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

Highlights

  • Clarify the importance of partnership capital accounts and partnerships debt on partner's tax basis; Impact of contributed property
  • Explain the use of both "inside" and "outside” basis determination
  • 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

Designed For

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

Prerequisites

Basic working knowledge of partnership taxation

Preparation

None

Notice

Your webinar can be accessed via https://ctcpas.acpen.com/Account/loginhttps://ctcpas.acpen.com/. If you do not have an ACPEN account, please sign up for an account using the email address you have on file with CTCPA.

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.

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Non-Member Price $159.00

Member Price $129.00