How New Partnership Rules Impact Basis Shifting and Tax Strategies WEBCAST
Overview
With recent updates to partnership tax regulations, including adjustments to the rules surrounding the allocation of income, deductions, and credits among partners, businesses and individuals must adapt their strategies to remain compliant while maximizing tax efficiency. This session explores the significant changes in partnership taxation and their implications for tax planning, with a focus on “basis shifting,” allowing partners to adjust the tax basis in their partnership interests to reduce taxable gains or maximize deductions.
Highlights
Overview of new partnership taxation rules. Explore the new Form 7216, Multi-Year Reporting related to Section 355 Transactions. Tax benefits of basis shifting. Discuss Form 8308, reporting the sale of exchange of partnership interest. Partnership allocation and profits interest. Self-employment tax. Provide planning partnership taxation planning strategies.
Prerequisites
Basic working knowledge of partnership taxation.
Designed For
CPAs in public practice and members in industry seeking a better understanding of partnership taxation rules.
Objectives
Identify changes in partnership taxation. Apply new rules to optimize tax structures and ensure compliance. Apply planning strategies and review potential pitfalls.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Douglas Van Der Aa
Doug Van Der Aa is a Tax Manager for the Grand Rapids, Michigan firm of Hungerford, Aldrin, Nichols & Carter, PC, CPAs and Consultants, where he specializes in the preparation and review of individual, corporate, estate, trust and partnership tax returns for small and mid-sized businesses; acquisition, and reorganization and financing of corporations, limited partnerships and limited liability companies; complex commercial real estate transactions (Section 1031 tax-free exchanges, leasing, purchase/sale); tax research and planning. Over the past 10 years, Doug has taught several accounting and tax courses for Grand Valley State University, Hope College and Davenport University, as well as served as a speaker for the Michigan Association of CPAs. Doug received his B.S. in accounting from Dordt College and his Juris Doctor from the University of Illinois. He is a member of the MACPA, Michigan State Bar, AICPA and the Economic Club of Grand Rapids.
Non-Member Price $109.00
Member Price $79.00