This comprehensive case-driven training is designed to get the accountant up to speed quickly in the area of basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corporations, partnerships, and limited liability companies (LLCs)). The cornerstone of this course is the line-by-line analysis of the Schedule K-1s and how it affects the basis calculations.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
DESIGNED FOR
Tax professionals that need an in-depth training course on basis calculations and distributions rules for S-Corporations, partnerships, LLCs and their owners
BENEFITS
- List the 3 main reasons for calculating a shareholder’s basis in a S corporation and partner/member’s basis in a partnership/LLC
- Calculate the stock and debt basis for S corporation shareholders
- Calculate the basis for partners and members of a LLC
- Calculate losses allowed from at-risk activities
- Review the Form 1120S and Form 1065 Schedule K-1s to determine how the line items affect basis calculations and get reported on the individual owner’s Form 104
HIGHLIGHTS
- Discuss the most recent business income tax legislation passed to date
- Review numerous business income tax provisions including but not limited to the 20% qualified business income (QBI) deduction; changes to NOLs, §461(l) business loss limitations, §163(j) business interest deduction limitations, accounting method changes, depreciation, fringe benefits and entertainment expenses
- Brush up on issues related to compensation, distributions, liquidations, self-employment taxes and retirement plan
- Look at any changes to the Forms 1120, 1120S, and 1065 and other related schedules and forms
COURSE LEVEL
Intermediate
ADDITIONAL NOTES
Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.