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Partnership Checkup: Tax Issues & Forms Reporting




Description


Partnership Checkup: Tax Issues & Forms Reporting : 


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.

Learning Objectives :-

  • Identify recent tax developements impacting the partnership entity and its partners.
  • Identify potential pitfalls and planning opportunties.
  • 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.
  • Discusses how S corporation losses impact Form 1040 Schedule E reporting.
  • How to get from the Schedule K-1 information to the basis calculations.

Who Will Benefit:

  • CPA Enrolled Agents (EAs)|
  • Tax Professionals Attorneys
  • Other
  • Tax Preparers
  • Finance professionals
  • Financial planners


Credits and Other information:-

      - Session Duration: 2 Hours

      - Case Studies and Live Q&A session with speaker

      - Power Point presentation for reference

      - Session learning level: Basic

      - Delivery method: Group Internet Based

      - IRS Credits: 2 Tax Hours

       - Recommended field of study – Taxes

       - Session Prerequisites and preparation: None

       - Location: Virtual/Online

       - Attendance Requirement:  Yes


Speaker Profile:

Steven C. Dilley- CPA, JD, PhD

Steve Dilley is a nationally recognized expert in the financial, accounting, and tax challenges faced by closely held businesses and individual taxpayers. Steve has authored numerous articles on these topics, showcasing his extensive knowledge and expertise.

A retired Professor of Accounting at Michigan State University, Steve taught tax accounting and earned multiple teaching awards during his tenure. He holds a PhD in accounting, a law degree, and a bachelor’s degree in accounting—all from the University of Wisconsin-Madison.

Steve is an active member of several professional organizations, including the Michigan Association of CPAs, Wisconsin Bar Association, American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.



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