2024 Partnerships/LLCs: Understanding Tax Basis Capital Accounts

Friday, February 14, 2025
Webcast or Webinar, Online
9:00 AM - 10:55AM (opens at 8:30 AM) EST
2Credits
Technical Business

Registration is Open

Members
$79.00 Regular Price
Non-Members
$109.00 Regular Price

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$40.00 Members / $56.00 Non-Members
Course Type: Webcast
Course Code: 24/AC148845
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. 

**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 changes impacting the partnership entity and its partners

Major Topics:

  • 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
  • Review of the Sec. 704 “built-in gain or loss” rules and how they impact Schedule K-1 reporting

Major Topics:

  • 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
  • Review of the Sec. 704 “built-in gain or loss” rules and how they impact Schedule K-1 reporting

Designed For:

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

Prerequisites:

Basic working knowledge of business and partnership taxation