How New Partnership Rules Impact Basis Shifting and Tax Strategies

Overview

With recent updates to partnership tax regulations, including adjustments to the rules surrounding the allocation of income, deductions, and credits among partners, businesses and individuals must adapt their strategies to remain compliant while maximizing tax efficiency. This session explores the significant changes in partnership taxation and their implications for tax planning, with a focus on "basis shifting," allowing partners to adjust the tax basis in their partnership interests to reduce taxable gains or maximize deductions. 

**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

• Overview of new partnership taxation rules
• Explore the new Form 7216, Multi-Year Reporting related to Section 355 Transactions
• Tax benefits of “basis shifting”
• Discuss Form 8308, reporting the sale of exchange of partnership interest
• Partnership allocation and profits interest
• Self-employment tax
• Provide planning partnership taxation planning strategies

Prerequisites

Basic working knowledge of partnership taxation

Designed For

CPAs in public practice and members in industry seeking a better understanding of partnership taxation rules

Objectives

• Identify changes in partnership taxation
• Apply new rules to optimize tax structures and ensure compliance
• Apply planning strategies and review potential pitfalls

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.