Partnership & S Corporation Essentials: Reporting Basis and More
8.00 Credits
Member Price $334.00
Non-Member Price $394.00
Overview
Understanding tax basis is critical for determining loss limitations, distribution treatment, and accurate reporting for both partnerships and S corporations. This course walks through the mechanics of calculating and maintaining partner and shareholder basis, including capital contributions, income allocations, distributions, and debt basis. Participants will also explore IRS reporting requirements such as tax-basis capital accounts and shareholder basis reporting.
Speaker: Doug Van Der Aa
Highlights
• Recent tax legislation, rules, and developments impacting partnerships and their partners.
• Recent legislative, rules and tax developments impacting S corporation and their shareholders.
• Transfer of partnership interests.
• Review of §461(l) Excess Business Losses
• Review of §163(j) Business Interest Expense limitation.
• How to calculate and report partner basis.
• Importance of tax basis capital accounts.
• Form 1065, Schedules K-1 and M-2.
• S corporation shareholder basis in stock and debt.
• Shareholder stock and loan basis reporting.
• AAA and distributions.
• Schedules K-2 & K-3 and filing exceptions.
Prerequisites
Basic working knowledge of business taxation.
Designed For
CPAs, EAs, and tax advisors who prepare or review returns for partnerships and S corporation clients.
Objectives
• Apply the latest tax rules and regulations of partnerships, LLCs and S corporations.
• Define the tax consequences and various liabilities for both partnerships and S Corporations.
• Apply rules for reporting tax basis capital accounts and shareholder basis in stock and debt.
• Identify planning opportunities and potential pitfalls.
Preparation
None
Notice
• This event is paperless unless you elect to pay for printed materials. • All materials will be available to download in advance and participants will receive an email two days prior to the course date. • Materials will also be posted in the “My CPE” section of the NESCPA website. • Parking and lunch are provided on-site
Non-Member Price $394.00
Member Price $334.00