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Wednesday, December 1, 2021 Live Webcast

New Rules Regarding the Calculation and Tax Reporting of a Partner's Basis and Capital Account (X1-CPMB-2021-01-WEBNR-335-01)

10:00 AM - 12:00 PM 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.

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

Michael Tucker

Michael J. Tucker, CPA, Ph.D., J.D., LL.M.

Ph.D., JD, CPA

Professional Education Network

Michael J. Tucker is an employee of Surgent McCoy CPE, LLC and a consultant for the accounting firm of T.M. Byxbee Co. in Hamden, CT. He is the author of many professional articles and a veteran TV and live-seminar presenter. In addition, he heads up Surgent McCoy's webinar efforts, where he writes and hosts many of the webinars Surgent McCoy sponsors and presents. Mr. Tucker was a professor at Quinnipiac University in Hamden, CT and worked with KPMG Peat Marwick and Deloitte & Touche. Mr. Tucker received his J.D. from New York University, his LL.M. from Georgetown University Law Center, and his Ph.D. from the University of Houston.

PRICING

$89.00 - Member

$109.00 - 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