Partnership Essentials: Review & Update

Description

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 terri.storer@acpen.com

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

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

Designed For

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