Partnership/LLC Taxation: Recent Developments

Course Details

Date

Tuesday, June 30, 2020

10:30am – 12:30pm

Field of Study

Taxation

Course Number

CC1460

CPE Credit

2.0 hours CPE credit

Level of Knowledge

Intermediate

Vendor

CPA Crossings

Prerequisites

Basic working knowledge of partnership taxation

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 2020 tax form reporting.

This course qualifies for PTIN credit.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this class include:

  • 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 partnerships liabilities
  • Distinguishing "recourse" loans from "nonrecourse" loans
  • What are the "qualified nonrecourse financing" loans and how they affect partners
  • Review of the Sec. 704 "built-in gain or loss" rules and how they impact Schedule K-1 reporting
  • Review of the Sec. 464 "at risk" rules and how they impact Schedule K-1 reporting

Objectives

After attending this presentation you will be able to...

  • Provide an update of the recent changes affecting the partnership entity and its partners
  • Differentiate between financial accounting and tax capital accounts
  • Identify rules that impact Schedule K-1 reporting

Designed For

CPAs in public practice and industry seeking an update on the latest tax developments affecting partnerships.

Course Pricing

Member Fee

Applicable if you are a HSCPA member in good standing.

$79.00
Non-Member Fee

Applicable if you are not a HSCPA member.

$109.00
Your Price $109.00

CPE Choice

Learn more about CPE Choice.
This course does not qualify for CPE Choice.

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