Partnership and S Corporation Tax Filing Issues after Tax Reform (Completed)

Date: Monday, August 19, 2019
Instructor: James R. Hamill
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

Partnerships and S Corporations, as flow through entities, must report separately-stated items of income or loss. These are items that may differentially impact the tax reporting of partners or shareholders based on the owners’ specific tax positons. The 2017 TCJA continues a trend of adding more items that require additional information reporting by flow through entities. Because TCJA has many provisions that remain unclear, some of which have been addressed by regulation, professional advisers may reasonably disagree on the level of specificity to provide to partners and shareholders.

Professional tax advisers will need to understand both the level of detail to provide to owners of flow through entities as well as the specific information to be provided. This session will discuss general tax reporting by a flow through entity, including ordinary and separately-stated items, specific information that must be provided in each type of return, including new questions that must be answered, and it will also address challenges presented by TCJA provisions.

In this two-hour CPE webinar nationally recognized tax expert and instructor James Hamill, CPA, Ph.D., will explain how to prepare partnership and S corporation tax filings in the most informative way. The instructor’s approach is generally to ask “would I want to see further information or detail if I were preparing the partner or shareholder’s return?”

Who Should Attend
CPAs, EAs, tax preparers and other tax professionals with responsibility for preparing or reviewing partnership or S corporation tax returns.

Topics Covered

  • What is included in ordinary income or loss
  • What items are commonly separately stated
  • Tax elections to be made at the entity-level
  • Questions to be answered
  • How to handle uncertainty in answering questions
  • Activity or business groupings by the entity
  • Partnership negative tax basis capital reporting
  • Partnership debt shares
  • Partnership allocations
  • Allocations in each entity type when interests vary
  • Net investment income tax reporting
  • Passive activity reporting
  • Opportunity zone tax deferral approaches
  • Qualified business income deduction reporting
  • Business interest expense reporting

Learning Objectives

  • Identify key reporting issues in flow through entities
  • Recognize how to provide the most useful information to the owner

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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