Partnership/LLC Taxation: Tax Basis Capital Accounts WEBINAR

Tuesday, November 9 9:00am - 11:00am PST

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2.0 Credits

Member Price $79.00

Non-Member Price $99.00

Overview

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.

Highlights

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.

Prerequisites

Basic working knowledge of partnership taxation.

Designed For

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

Objectives

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.

Preparation

None.

Notice

None.

Leader(s):

Leaders

Steven Dilley

Steve Dilley is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 35 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on these topics.

In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting. He was nominated in 2004 for the “Educator of the Year Award” and received the 2005 “Distinguished Achievement in Accounting Education Award” in Michigan. He also received the 2007 MSU Accounting and Information Systems Department Outstanding Teacher Award.

He obtained his PhD in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.

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Non-Member Price $99.00

Member Price $79.00