Date and Time: Thursday, June 4, 2026 – 10:00 am – 11:45 am EST
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.
Learning Objectives:
- Identify recent changes impacting the partnership entity and its partners.
Program Content:
- 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 Section 704 “built-in gain or loss” rules and how they impact Schedule K-1 reporting
- Review of the Section 465 “at risk” rules and how they impact Schedule K-1 reporting
Who should attend: CPAs in public practice and industry seeking an update on the latest tax developments affecting partnerships.
Program Level: Intermediate
Developed By: Federal Tax Workshops, Inc
Instructor: Steven C. Dilley, CPA, JD, PhD
CPE Credit: 2
Field of Study: Taxes
Prerequisites: Basic knowledge of partnership taxation.
Advanced Preparation: None
Qualifies for IRS PTIN Credit
Course Content
Steven C. Dilley, CPA, JD, PhD
Steve is President of Federal Tax Workshops, Inc., where for over 40 years, he has developed and presented continuing education seminars and webinars on tax, accounting and ethics topics for accountants and attorneys throughout the country. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business and has published numerous articles on these topics.
In addition, Steve is a Professor Emeritus of Accounting at Michigan State University, East Lansing, where he taught tax accounting. He has been received the “Distinguished Achievement in Accounting Education Award” in Michigan, as well as the MSU Accounting and Information Systems Department Outstanding Teacher Award.
Course materials are only available to students enrolled in the course