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 – these are required for 2020 tax form reporting.

Objective

To provide an update of the recent changes affecting the partnership entity and its partners.

Highlights

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” and 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 Sec. 704 “built-in gain or loss” rules and how they impact Schedule K-1 reporting * Review of the Sec. 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.

Required Knowledge

Basic working knowledge of partnership taxation.

Advanced Prep

None