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 provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by ACPEN. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.