Partnership Essentials: Tax Basis, Capital Accounts & More
The IRS has made some game-changing updates on the reporting of partnership basis. 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. New tax basis and capital accounting reporting rules will be addressed, as well as the impact of recent legislation on the tax structure of partnerships and LLCs and the significant impact of the new Section 199A flow-through entities deduction on partnerships.
- Recent tax legislation, rulings and developments affecting Partnerships and LLCs
- Basis and capital account reporting on Form 1065 Schedule K-1
- The impact of the Section 199A deduction on partnerships and LLCs
- New Section 163(j) interest expense deduction
- New rules on meals and entertainment expense reporting
- Transportation fringe benefits
- New partnership audit rules
- Opportunity zones
- Section 754 self-employment tax
Upon completion of this course you will be able to:
- Define the tax consequences and various liabilities for both partnerships and LLCs
- Discuss the impact of the new Section 199A deduction on partnerships
- Apply planning opportunities and potential pitfalls
Practitioners with partnership clients and those seeking knowledge on thorny partnership issues.