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2024 Partnership Essentials: Review & Update

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4.0 Credits

Member Price $129

Non-Member Price $129

Overview

This course examines the critical issues and special opportunities facing partnerships and their partners, as well as the relationship between limited liability companies and partnerships, with a focus on reporting tax basis capital accounts.

**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

  • Recent legislative, rules and tax developments impacting partnerships and their partners
  • Transfer of partnership interests
  • TCJA §461(l) Excess Business Losses and §163(j) Business Interest Expense
  • Importance of capital accounts
  • Form 1065, Schedules K-1 and M-2
  • Schedules K-2 and K-3 update
  • Reporting partner capital accounts
  •  Effect of the Ceiling Rule
  • Alternative and Remedial Methods
  • Effect on financial capital accounts
  • Tax basis capital accounts

Prerequisites

Basic working knowledge of partnerships and LLCs taxation

Designed For

Practitioners with partnership clients and those seeking knowledge on thorny partnership issues

Objectives

  • Define the tax consequences and various liabilities for both partnerships and LLCs
  • Apply rules for reporting tax basis capital accounts
  • Identify planning opportunities and potential pitfalls

Preparation

None

Non-Member Price $129

Member Price $129