2024 Partnership Essentials: Review and Update

Overview

This course examines the critical issues and special opportunities facing partnerships and their partners, as well as the relationship between limited liability companies and partnerships, with a focus on reporting tax basis capital accounts.

**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

• Define the tax consequences and various liabilities for both partnerships and LLCs
• Apply rules for reporting tax basis capital accounts
• Identify planning opportunities and potential pitfalls

Highlights

• Recent legislative, rules and tax developments impacting partnerships and their partners
• Transfer of partnership interests
• TCJA §461(l) Excess Business Losses and §163(j) Business Interest Expense
• Importance of capital accounts
• Form 1065, Schedules K-1 and M-2
• Schedules K-2 and K-3 update
• Reporting partner capital accounts
•  Effect of the Ceiling Rule
• Alternative and Remedial Methods
• Effect on financial capital accounts
• Tax basis capital accounts

Designed For

Practitioners with partnership clients and those seeking knowledge on thorny partnership issues

Prerequisites

Basic working knowledge of partnerships and LLCs 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.