May 18, 2021

Webinar

2 CPE

Webinar (CPA Crossings): Partnership/LLC Taxation: Tax Basis Capital Accounts

May 18, 2021
Webinar
2 CPE

Webinar (CPA Crossings): Partnership/LLC Taxation: Tax Basis Capital Accounts

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    Instructor

    Steve
    Dilley

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    Steve Dilley, CPA, JD, PhD

    Bio

    Steve is President of Federal Tax Workshops, which has prepared and presented CPE materials for accountants and attorneys throughout the country for over 40 years. He is also a retired professor of accounting at Michigan State University.

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 – these are 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.

Learning Objectives

After attending this presentation you will be able to…

  • Know how to determine a partner’s share of the partnership’s liabilities
  • Understand what “qualified nonrecourse financing” loans are and how they affect partners
  • Provide an update of the recent changes affecting the partnership entity and its partners

Major Topics

The major topics covered in this class include:

  • Discussion of the impact of the Section 199A flow-though entities 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
  • Distinguishing “recourse” loans from “nonrecourse” loans
  • 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 ad how they impact Schedule K-1 reporting

CPE Credits Available

2 CPE
2
Taxes

Things to Know About This Course

Course Level

  • Intermediate

Prerequisites

Basic working knowledge of partnership taxation.

Advanced Preparation

This webinar is produced by CPA Crossings. You will receive your login link/instructions and Certificate of Attendance directly from this third-party vendor. It is important that you review your COCPA confirmation for details on receiving your login instructions and COA from said vendor.

Intended Audience

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

Provider

CPA Crossings, LLC

This event has ended.