Partnership/LLC Taxation: Understanding Tax Basis Capital Accounts

Description

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. 

*Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Coursw Materials Tab and submit to kori.herrera@acpen.com

Highlights

	
• Discussion of the impact of the Section 199A flow-through entities deduction on partnerships and their partners
	
• The meaning of a "tax basis capital account" - how do the financial accounting and tax capital accounts differ from one another
	
• How to determine a partner's share of the partnership's liabilities
	
• Distinguishing "recourse" loans from "nonrecourse" loans
	
• What are "qualified nonrecourse financing" & loans and how they affect partners
	
• Section 704 "built-in gain or loss" & ules and how they impact Schedule K-1 reporting
	
• Section 465 "at risk" rules and how they impact Schedule K-1 reporting 

Objectives

	
• Identify recent changes impacting the partnership entity and its partners
	
• Apply rules for reporting partner tax basis capital accounts
	
• Apply planning opportunities
	
• Identify potential pitfalls

Designed For

CPAs in public practice and industry seeking an update on the latest tax developments impacting partnerships and LLCs