Partnership/LLC Taxation: Understanding Tax Basis Capital Accounts WEBCAST
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.
Highlights
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 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. Section 704 built-in gain or loss rules and how they impact Schedule K-1 reporting. Section 465 at risk rules and how they impact Schedule K-1 reporting.
Prerequisites
Basic working knowledge of business and partnership taxation.
Designed For
CPAs in public practice and industry seeking an update on the latest tax developments impacting partnerships and LLCs.
Objectives
Identify recent changes impacting the partnership entity and its partners. Apply rules for reporting partner tax basis capital accounts. Apply planning opportunities. Identify potential pitfalls.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Steven Dilley, Federal Tax Workshops Inc
Steve Dilley is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 35 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on these topics. In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting. He was nominated in 2004 for the “Educator of the Year Award” and received the 2005 “Distinguished Achievement in Accounting Education Award” in Michigan. He also received the 2007 MSU Accounting and Information Systems Department Outstanding Teacher Award. He obtained his PhD in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.
Non-Member Price $119.00
Member Price $89.00