This comprehensive training is designed to get the accountant up-to-speed quickly with partnership and limited liability company (LLC) formation and preparation issues as well as a complete understanding of calculating a partner and LLC member’s basis. The cornerstone of this course is the in-depth, line-by-line analysis of the Form 1065 Schedule K and K-1 and how these items affect the partner/member’s individual income tax return.
Once participants have completed this session, they should be able to * Identify what activities are subject to the PAL rules and the exceptions to them including those for certain real estate professionals * Define a passive activity, rental, and trade or business under IRC §469 * List the seven ways to materially participate in an activity and the six exceptions to the definition of a rental activity * Calculate the passive activity income and losses allowed and the tax ramifications of passive activity dispositions * Recognize what passive activity investments are potentially subject to the 3.8% net investment income tax under IRC §1411
* This class will review partnership tax law by looking at case studies addressing issues and problems at both the partnership and partner level * Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies * Topics include but are not limited to * Extensive review of the partnership tax laws with an emphasis on any new legislative changes including the Tax Cuts & Jobs Act (TCJA) 20 percent qualified business income (QBI) deduction and changes to the interest deduction, fringe benefits, and entertainment expenses * Overview of different forms of business entities including the check-the-box regulations * Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member * Schedule K and K-1—separately and nonseparately stated income and expense items * Substantial economic effect requirement to have special allocations to the partners/members * Allocation of recourse and nonrecourse debt on K-1s * Guaranteed payment issues and tax treatment of fringe benefits * Self-employment tax issues and pitfalls * §754 optional basis adjustments and mandatory adjustments * Tax treatment of distributions—cash versus noncash and liquidating versus nonliquidating * Overview of a partner/member’s outside basis and deductibility of losses
Who Should Attend
Tax professionals who need an in-depth training course on tax-preparation issues, basis calculations, and distributions rules for partnerships, LLCs, and their owners.
Background in partnership and individual income tax law
Additional Event Information
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly.
If you need assistance with internet access issues, browser capability, or when the NCACPA office is closed* please call Freestone Technical Support at 866-702-3278 or by email at [email protected] .
*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via email 30 minutes prior to the start of a live online program.
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Also Available As
Tuesday, July 19, 2022 (8:30 am–4:15 pm ET)
Tuesday, September 13, 2022 (8:30 am–4:15 pm ET)
Friday, October 14, 2022 (8:30 am–4:15 pm ET)
Thursday, December 29, 2022 (8:30 am–4:15 pm ET)
Tuesday, November 29, 2022 (8:30 am–4:15 pm ET)
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