2024 Partnerships/LLCs: Understanding Tax Basis Capital Accounts

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  • Location
    • Your Computer
      Your Space
      ISCPA / ACPEN Webinar, ID 00000
  • Credits
    • 2.00
  • Credit Type(s)
    • Accounting (2.00)
  • Prerequisites
    • Basic working knowledge of business and partnership taxation

  • Vendor
    • ACPEN
  • Level
    • Intermediate
  • Fields of Study
    • Accounting
  • Message
    • Virtual Experience

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.



  • Presented by Bob Mims

    • Delivery Format: Live Webcast Replay

    Designed For

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

    Objectives

    • Identify recent changes impacting 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” -- 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

    Advanced Prep

    None

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    Leaders

    ACPEN Panel

    No Biography Available

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