2024 Partnership Checkup: Key Tax Issues & Forms Reporting
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 – now required for tax form reporting, as well an overview of K-2 and K-3 reporting requirements and effective dates.
**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.
Highlights
- Clarify the importance of partnership capital accounts and partnerships debt on partner's tax basis; Impact of contributed property
- Explain the use of both "inside" and "outside” basis determination
- Explain the importance of shareholder loans to the entity
- Discuss how basis is impacted by distributions of corporation property and the sale/or liquidation of the S corporation interest
- Comprehensive examples illustrate the mechanics of the basis determination process
Prerequisites
Basic working knowledge of partnership taxation
Designed For
CPAs working in public accounting firms and/or working for within a partnerships
Objectives
- Identify recent tax developments impacting the partnership entity and its partners
- Identify potential pitfalls and planning opportunties
Preparation
None
Notice
This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Accounting Continuing Professional Education Network (ACPEN).
Leader(s):
Leader Bios
Steven Dilley PhD, Federal Tax Workshops Inc
Steven C. Dilley is a professor at Michigan State University where he teaches tax accounting. He obtained his PhD in accounting from the University of Wisconsin-Madison in 1972. In 1969 he also received a law degree and an undergraduate accounting degree from UW-Madison. He is a member of the Wisconsin Bar Association, the American Bar Association, the Wisconsin Institute of CPAs, the Michigan Association of CPAs, the American Accounting Association, the American Institute of CPAs, the American Taxation Association, and the Hawaii Association of Public Accountants. Steve is the President of the Federal Tax Workshops, Inc. This organization prepares continuing education materials and presents continuing education programs for accountants and attorneys throughout the United States. Steve is nationally known for his knowledge of taxation in general and especially for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on those topics.
Non-Member Price $159.00
Member Price $129.00