The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis. Changes in the forms reflect these developments. As a practitioner, you know that sometimes, small business owners make little distinction between their own pocketbook and the company’s pocketbook. For this reason, distributions from smaller partnerships can be frequent.
This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S corporation shareholder shares and loans. How to use the Form 1065, Schedule K-1 and Form 1120S, Schedule K-1 information for basis determination. Illustrated examples with filled in forms will demonstrate how the process works and their many potential pitfalls.
We will talk about distributions front to back and discuss the different types of distributions, as well as cash, property, and hybrid distributions – where you have a little bit of both!
Learning Objectives:
- Identify the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation
- Identify the tax issues related to S corporation owner's basis for shares and loans from formation through operations and concluding with sale and/or liquidation
- Understand potential pitfalls and planning strategies
Session Highlights:
- What is a partnership distribution
- Partnership distribution definition & partner distribution types
- Are partnership distributions taxable
- Calculation of basis when the entity is formed, including the impact of contributed property:
- How to calculate partnership tax basis capital accounts,
- Explains the use of both "inside" and "outside" basis determination;
- Clarifies the how partnerships and S corporations debt impacts tax basis;
- Discusses how distributions affect basis;
- Explains how basis is impacted by sale and/or liquidation of the partnership or S-corporation interest,
- Discusses how S corporation losses impact Form 1040 Schedule E reporting:
- Comprehensive examples to illustrate the mechanics of the basis determination process.
Over the course of my career, I have seen may practitioners never took basis when distributions were. Most did even compute basis and if they did, it was wrong. After this course, attendees will be able have an understanding on how to help their clients and be compliant.
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- NASBA Sponsor: 146439
- IRS Course ID: PJGWS
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- Certified Public Accountants (CPAs)
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Finance professionals
- Financial planners
- Accounting Personnel
- Other professionals involved in tax preparation or planning for small businesses
Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:
www.nasbaregistry.org.
Speaker Profile:
Jeffrey A. Schneider, EA, CTRS, NTPI Fellow, ACT-E is the principal in SFS Tax & Accounting Services and The Tax Relief Company in Stuart, FL. He has been in the field of taxation since 1979 and became an Enrolled Agent in 2005 and became a Certified Tax Resolution Specialist designation by the American Society of Tax Problem Solvers. He received certifications in college planning and is Certified Divorce Financial Analysts. He also earned the Advanced Crypto Tax-Expert (ACT-E) designation from the Crypto Tax Academy.
Jeffrey has been in the field of taxation for about 40 years working for multi-national companies and has been in private practice full time since 1999. He’s been a member of National Association of Enrolled Agents (NAEA), the Florida Society of Enrolled Agents (FSEA), and The American Society of Tax Problem Solvers (ASTPS). He is a past president of the Florida Society of Enrolled Agents and is a former 2 term President of both, the Treasure Coast and Palm Beach Chapters of the FSEA. He was a two-term member of NAEA’s National Board of Directors.
He was the 2016 & 2017 NAEA Awards Committee Chair, a founding member of the NAEA Implementation Task Force on Education (commonly known as Educating America), co-chair of the NAEA Membership Committee, a member of the 2015/2016 NTPI Planning Committee and a past five term Chair of the FSEA Education Committee.
He won the 2018 Top Practitioner award from the American Society of Tax Problem Solvers. He was the 2014 NAEA Excellence in Education Award winner and the 2014 Mentor of the Year and 2015, 2016, 2018 Excellence in Education Award given by the FSEA.
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- IRS Course ID: PJGWS-T-00076-23-O
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
We are approved to provide CPE/CE credits to Tax Professionals
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