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Live Webinar

100-minute live streaming program
  • March 18
  • 1:00 - 2:40 pm EST

Partnership Tax Preparation and Compliance

March 18

Understand complex partnership tax issues and avoid potential traps caused by various transactions.

Partnership tax compliance is one of the most complex sections of the Internal Revenue Code. While the pass-through nature of partnerships makes them a very desirable choice of entity for many businesses, the complexity of the Internal Revenue Code in this area presents a challenge for tax accountants. This topic will provide an overview of the necessary compliance for partnership entities. It will focus on current changes for things like tax basis capital account reporting and will provide examples that you can use in your own practice. The information will also provide an overview of complex partnership tax issues so that practitioners are more aware of the potential traps caused by various transactions.

Learning Objectives

  • You will be able to discuss the impact of liabilities on partner basis.
  • You will be able to explain the difference between Section 704(b) capital and tax basis capital.
  • You will be able to identify the differences between partnership capital and a partner’s basis.
  • You will be able to recognize items of income or deduction that must be separately stated.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Brief Overview of Partnership Taxation
  • Aggregate vs. Entity Issues; Check-the-Box Rules
  • Pass-through of Tax Items
  • Contribution to and Distribution From Partnership
Capital Account vs. Basis
  • Importance of Partnership Capital Accounts (Tax and 704(b))
  • Inside vs. Outside Basis
  • Capital Account Example
Partnership Compliance Issues
  • Separately Stated and Non-Separately Stated Items
  • Reporting Depreciation and Gain on Disposal
  • Book to Tax Adjustments
Impact of Partnership Liabilities
  • Determining the Nature of Partnership Liabilities
  • Allocation of Liabilities to Partners
  • Impact on Outside Basis
Overview of Section 704(c)
  • When Should I Be Concerned?
  • Impact on Asset Disposition
  • Special Allocations Required and Available Methods
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services 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 web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for accountants, CPAs, controllers, CFOs, tax managers, tax preparers, finance directors, accounts payable professionals and bookkeepers.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Brian T. Lovett, CPA, CGMA, J.D.

Brian T. Lovett, CPA, CGMA, J.D.

WithumSmith+Brown, PC

  • Partner in the East Brunswick, NJ office of WithumSmith+Brown, PC
  • Practice emphasizes all aspects of real estate
  • Conducts regular seminars and workshops on numerous tax issues impacting the real estate industry
  • Author of several publications related to various real estate matters
  • J.D. degree, Rutgers Law School- Camden; B.S. degree in accountancy, The College of New Jersey
  • Can be contacted at 732-964-9343, [email protected] or on Twitter® @briantlovett
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408695
Published 2021
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