Partnerships Essentials: Tax Basis Capital Account Reporting
 
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Overview

2.0 Credits
ONLINE

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. How the Tax Cuts and Jobs Act impacted the tax structure of partnerships and LLCs will be addressed, as well as the significant impact of the new Section 199A flow-through entities deduction on partnerships.

**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 leighanne.conroy@acpen.com.
 

 

Objectives

  • Define the tax consequences and various liabilities for both partnerships and LLCs
  • Discuss the impact of the new Section 199A deduction on partnerships
  • Apply planning opportunities and potential pitfalls

Major Topics

  • Recent tax legislation, rulings, and developments impacting partnerships and LLCs, including TCJA and COVID-19 related provisions
  • Transfer of partnerships interest
  • Reporting basis negative capital acounting
  • How to calculate basis and report it on Form 1065, Schedule K-1 

Prerequisite

Basic working knowledge of business expense reporting

Advanced Preparation

None