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 tax form reporting.

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

Instructor: Steven C. Dilley, CPA, JD, PhD

Target Audience

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

Course Objectives

After attending this presentation you will be able to...Apply recent tax developments affecting the partnership entity and its partners

Subjects

The major topics that will be covered in this class include:Discuss the impact of the Section 199A flow-through entities deduction on partnerships and their partnersThe meaning of a "tax basis capital account"How the financial accounting and tax capital accounts differ from one anotherDetermine a partner's share of the partnership's liabilitiesDistinguish "recourse" loans from "nonrecourse" loansWhat are "qualified nonrecourse financing" loans and how they affect partnersSection 704 "built-in gain or loss" rules and how they impact Schedule K-1 reportingSection 4655 "at risk" rules and how they impact Schedule K-1 reporting

Prerequisites

Basic working knowledge of partnership taxation.