- 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
- now required for tax form reporting. *Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Coursw Materials Tab and submit to kori.herrera@acpen.com
Learning Objectives
Identify recent changes impacting the partnership entity and its partners Apply rules for reporting partner tax basis capital accounts Apply planning opportunities Identify potential pitfalls
Major Topics
- 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"
- 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 Section 704 "built-in gain or loss" & ules and how they impact Schedule K-1 reporting Section 465 "at risk" rules and how they impact Schedule K-1 reporting
