Description: The IRS has made some game-changing updates on the reporting of partnership basis. This course examines the critical issues and special opportunities facing partnerships and their partners, with a focus on the new tax basis and capital accounting reporting rules.
Learning Objectives:
- Define the latest tax rules and regulations of partnerships.
- Identify the difference between Book and Tax Capital Accounts.
- Apply the new IRS requirement to report tax basis capital.
- Apply planning opportunities and potential pitfalls.
Program Content:
- Recent tax legislation, rulings and developments impacting Partnerships and LLCs.
- Importance of capital accounts.
- Basis and capital account reporting on Form 1065 Schedule K-1.
- Transfer of partnership interest.
- Tax Accounting for Property Contributed to a Partnership.
- Effect on partner’s tax liability and tax basis.
- Methods for calculating tax basis capital.
Who should attend: Practitioners with partnership clients and those seeking knowledge on calculating and reporting partnership basis.
Program Level: Intermediate
Developed By: Van Der Aa Tax Ed, LLC
Instructor: Douglas J. Van Der Aa, CPA, JD
CPE Credit: 2.5 hours
Field of Study: Taxation
Prerequisites: Basic working knowledge of business and partnership taxation.
Advanced Preparation: None
Douglas J. Van Der Aa, CPA, JD
Doug is a lively and energetic speaker – especially on the subject of taxes and ethics. He has been a highly rated speaker and seminar leader for CPA Associations and other organizations throughout the country for more than 18 years. Doug has over 25 years of professional experience, including tax practice in CPA firms and the practice of transactional business and real estate law as an attorney. As a CPA, Doug’s practice concentrated on the tax needs of closely held businesses, with their related pass-through entities, complex individual returns, estates and trusts.
Only registered students have access to the handout.