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