New Form 1065 Requirement: Computing Tax Basis Capital Accounts (Completed)

Date: Wednesday, September 9, 2020
Instructor: Greg White
Begin Time:  11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time
CPE Credit:  1 hour for CPAs
1 hour Federal Tax Law Updates for EAs and OTRPs
1 hour Federal Tax Updates for CTEC

Beginning in 2020 Form 1065, we’ve got a new reporting requirement. Capital accounts as shown on Form K-1 will have to be reported on a tax basis (as opposed to GAAP or §704(b)). We’ll cover the issues you need to know:
• How do you compute tax basis capital accounts for this purpose?
• What do you do if you lack sufficient information to compute the current capital account balances?
• Which partnerships will not be subject to this requirement?

Who Should Attend
Practitioners advising partnership clients.

Topics Covered

  • Practical methods to compute tax basis capital accounts
  • Quick identification of partnerships not subject to these rules

Learning Objectives

  • Identify partnerships subject to the new rules
  • Identify how to compute partnership capital accounts
  • Recognize how to navigate complex issues (Sec. 743 step ups, etc.)

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
Basic understanding of Form 1065.

Advance Preparation
None

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