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Wednesday, November 10, 2021 Live Webcast

New Rules Regarding the Calculation and Tax Reporting of a Partner's Basis and Capital Account (E2111362)

9:00 AM - 10:40 AM EST

Registration: 8:30 AM EST

webcast

Vendor Platform

2.0 CPE Credits in TX

OVERVIEW

Many tax practitioners with partnership clients have suddenly realized that they are responsible for presenting partner capital accounts on the tax basis for the first time on 2020 partner income tax returns. But what does this mean and how does it differ from prior year rules regarding partner capital accounts? This webinar covers exactly that — how 2020 rules regarding the presentation of partner capital accounts differ from preceding years. For tax practitioners preparing 2020 partnership 1065 forms, this course explains these complex new rules in practical and understandable terms.

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

DESIGNED FOR

Any tax practitioner who will be preparing partnership income tax returns for 2020.

BENEFITS

  • Understand how a partner determines and reports his or her tax basis capital account for 2020

HIGHLIGHTS

  • How a partner’s outside basis and capital account differ
  • Reconciling Schedule M-2 Form 1065 with Partnership K-1 Schedule L
  • IRS requirement to report partner tax basis on the transactional approach
  • How to compute a partner’s initial tax capital account for 2020
  • Implications if a capital account is negative
  • Deficit restoration accounts and qualified income offsets
  • Modified outside basis method and modified previously taxed capital method
  • Determining a partner’s beginning capital account for 2020 for a partnership that did not use the tax basis method in 2019
  • Beginning capital account for partnerships and partners already reporting on the tax basis

COURSE LEVEL

Basic

PREREQUISITES

Basic understanding of tax rules relating to partnerships and partners.

ADVANCE PREPARATION

None

INSTRUCTOR

Arthur Auerbach

Arthur Auerbach, CPA, CGMA

Arthur Auerbach, CPA, CGMA is an independent tax consultant located in Atlanta, GA, specializing in tax consulting and estate and financial planning for individuals and closely held businesses. He is affiliated with the Asbury Law Firm as a consultant. He is a member of the Georgia, Virginia, New York, and Greater Washington CPA societies. Art was appointed to the AICPA Tax Executive Committee for a three-year term beginning February 1, 2018, and ending May 31, 2021. Beginning in May 2021, Art was appointed to be a member of the AICPA Tax Practice and Procedure Committee. He is an active member of the Georgia Society of CPAs and serves on the Georgia Department of Revenue Commissioners Advisory Group, the Financial Literacy Task Force, and Leadership Council, in addition to chairing the GSCPA Federal State Tax Task Force. He is also a member of the Virginia Society’s Tax Committee. He has served as an advisor to the District of Columbia Office of Tax and Revenue and the Tax Commissioners Advisory group in Virginia. Art is currently on the editorial board of the Journal of Accountancy. Art is a nationally recognized speaker on a variety of tax topics offered for continuing education for CPAs and financial planners. He has authored several publications and articles. Art is licensed in Georgia, Virginia, District of Columbia, and New York, and he is a life member of the American Institute of CPAs.

PRICING

$99.00 - Member

$136.50 - Nonmember

Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

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COURSE DEVELOPER

Surgent

AREAS OF INTEREST