2024 MSCPA Annual Convention: Details

2024 Partnerships/LLCs: Understanding Tax Basis Capital Accounts

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Thursday, September 26, 2024 @ 6:00pm – 7:55pm
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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 – 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 Course Materials Tab and submit to kori.herrera@acpen.com.

Prerequisites

Basic working knowledge of business and partnership taxation

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” -- 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

Objectives

  • Identify recent changes impacting the partnership entity and its partners

Preparation

None

Credits

Category Amount
Taxation 2.00