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Wednesday, December 16, 2020 Webcast

Surgent's Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships (E2012161)

9:00 AM - 4:30 PM EST

Registration: 8:30 AM EST

Webcast


Webcast , NJ

8.0 CPE Credits in TX

OVERVIEW

The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules.

This course features a live instructor and has been specifically designed for the NJCPA.

DESIGNED FOR

CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues.

BENEFITS

  • Determine initial basis and organizing tax-free under §351 and §721
  • Understand what affects basis and how to treat distributions
  • Passing the four loss limitation hurdles to deduct losses

HIGHLIGHTS

  • Executor’s new IRS form for disclosing basis in certain distributed property; what about the basis of a property distribution from a trust?
  • Discuss a proposal for a yet to be developed new tax form, which calculates basis, designed to be attached to individual returns
  • How §179 limitations affect basis and how tax-benefit rule is applied
  • Basis implications of personal assets converted to business use
  • How to calculate basis of inherited and joint tenancy property
  • New rules for NOLs
  • S corporations: Beware of final IRS regulations regarding “open debt”; determine how to calculate basis; worksheets are included; understand the effect of stock basis and debt basis and IRS’s recent focus on "at-risk basis" for shareholders; recognize how AAA applies or doesn’t apply to S corporations; learn to apply the complex basis ordering rules and special elections that can have a big tax result; discuss loss limitation rules in depth; when you can have a taxable dividend in an S corporation; understand distributions of cash and property; understand the post-termination transition rules, and temporary new TCJA post-termination rules for eligible corporations, which will be important for S Corps returning to C corps
  • LLCs and partnerships: Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; learn to calculate basis under §704 & for “at-risk” under §465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; learn the difference between basis and “at-risk basis”; review §754 step-up in basis rules; the economic effect equivalence test or “dumb-but-lucky” rule; learn to apply the complex rules of distribution of cash vs. property, TCJA cleans up the basis treatment of charitable contributions and foreign taxes paid

COURSE LEVEL

Intermediate

PREREQUISITES

Experience in business taxation.

ADVANCE PREPARATION

None

ADDITIONAL NOTES

  • This seminar qualifies for IRS credit.

Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.

INSTRUCTOR

Don Cochran

Don Paul Cochran, CPA, J.D., CFP, CRC

Don Paul Cochran, J.D., CPA Don has practiced law in both Iowa and Minnesota for 40 years. He is currently in solo practice of law in Apple Valley, Minnesota, focusing on tax, estate planning, and small business organization and management. He was a CPA with the Small and Emerging Business practice of then-Big 8 accounting firm, Touche Ross, in Bloomington, Minnesota, and has served as the Vice President of Tax and CFO with various privately and publicly held companies. He also served as an advanced sales consultant with Securian Financial, Nationwide Financial, and Pacific Life Insurance Company’s Annuity and Mutual Fund division, providing advanced planning support for financial advisors on topics of financial and estate planning for small to medium-size businesses and wealthy individuals.

Don is actively involved in continuing education and other seminars for financial professionals and accountants, on topics related to tax issues for individuals and small businesses; current financial planning and asset transfer; and preparing for and living through retirement. Don is much sought after as a presenter of CPE for seminars sponsored by state societies of CPAs, CPA firms, and other providers of continuing education for financial professionals, and is a featured speaker at several national tax conferences.

Don earned a Bachelor of Science in General Science from the University of Iowa, Iowa City, Iowa, and graduated from the University of Iowa College of Law with his Juris Doctorate. In addition to being a licensed attorney in Minnesota and Iowa, he maintains his license as a Certified Public Accountant. He also attained the designation of Certified Financial Planner® and Certified Retirement Consultant.®

PRICING

$389.00 - Nonmember

$289.00 - Member

Pre-Registration Closed

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COURSE DEVELOPER

Surgent