The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis. Changes in the forms reflect these developments. This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S Corporation shareholder shares and loans. How to use the Form 1065, Schedule K-1 and Form 1120S, Schedule K-1 information for basis determination. Illustrated examples with filled in forms will demonstrate how the processes works and their many potential pitfalls.

This course reviews accurate reporting, correcting, and reconstructing for partner and S corp shareholder basis. Including two very common matters affecting S corp shareholder and partner basis related to how business ERTC refunds and PPP loans were reported on the entity tax returns.

This two-hour webinar will discuss basis calculations for S-Corps and Partnerships, as well as capital accounts and partnerships. Basis calculations are tricky for practitioners, because basis is actually an individual/Form 1040 concept — individuals are responsible for determining their basis. However, all of the items necessary for making this computation are generated at the S-corporation or partnership level. This training focuses on the numbers necessary to make basis calculations, and what those calculations actually impact. In additions, partnerships now have a requirement to report capital accounts under the tax basis of accounting. Capital accounts ARE an entity requirement (unlike basis). This webinar will cover how to determine capital accounts, and what a capital account affects.

Learning Objectives:

  • Identify the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation
  • Identify the tax issues related to S Corporation owner's basis for shares and loans from formation through operations and concluding with sale and/or liquidation
  • Understand potential pitfalls and planning strategies
  • Understand basis basics for shareholders, partners, & LLC members
  • Develop best practices for correcting or reconstructing basis if needed
  • Properly handle basis calculations for asset contributions or distributions
  • Determine tax practitioners' exposure and responsibilities related to basis

Area Covered in this session:

  • Form 7203, S corp Shareholders Basis
  • Calculation of basis when the entity is formed, including the impact of contributed property
  • IRS rules for partners capital accounts and basis
  • Explains the use of both "inside" and "outside" basis determination
  • Clarifies the how partnerships and S
  • Explain the differences of basis between S-Corporations and Partnerships to clients. 
  • Apply basis correctly on personal tax returns.
  • Understand Partnership Capital Accounts and their affects.

Live Q&A session will be held after the event.

Who Should Attend?

  • CPA, EA, attorney, and staff
  • Tax department
  • CFOs and controllers
  • Accounts payable and accounting managers
  • Public accountants
  • Sole Proprietors

Credits and Other information:

  • Recommended CPE credit – 2.0 Tax Hours
  • Recommended field of study – Tax
  • Case Studies and Live Q&A session with speaker
  • PowerPoint presentation for reference

Credits and Other information :

  • IRS CPE Credits: 2.0 TAX
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • IRS Course ID: DFFSC
  • Attendance Requirement: Yes
  • Case Studies and Live Q&A session with speaker

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