2024 Partnership Checkup: Key Tax Issues & Forms Reporting
Wednesday, November 20, 2024
Webcast or Webinar, Online
10:00AM - 2:00 PM (opens at 9:30 AM) EST
4Credits
Technical Business
Registration is Open
Members
$129.00 Regular Price
Non-Members
$159.00 Regular Price
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Course Type: Webcast
Course Code: 24/AC154769
Level: Intermediate
Vendor: ACPEN
Field of Study: Taxes
Overview:
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, as well an overview of K-2 and K-3 reporting requirements and effective dates.
**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 [email protected].
Objectives:
- Identify recent tax developments impacting the partnership entity and its partners
- Identify potential pitfalls and planning opportunties
Major Topics:
- Clarify the importance of partnership capital accounts and partnerships debt on partner's tax basis; Impact of contributed property
- Explain the use of both "inside" and "outside” basis determination
- Explain the importance of shareholder loans to the entity
- Discuss how basis is impacted by distributions of corporation property and the sale/or liquidation of the S corporation interest
- Comprehensive examples illustrate the mechanics of the basis determination process
Major Topics:
- Clarify the importance of partnership capital accounts and partnerships debt on partner's tax basis; Impact of contributed property
- Explain the use of both "inside" and "outside” basis determination
- Explain the importance of shareholder loans to the entity
- Discuss how basis is impacted by distributions of corporation property and the sale/or liquidation of the S corporation interest
- Comprehensive examples illustrate the mechanics of the basis determination process