Partnership Tax Filing Issues (Completed)

Date: Monday, March 2, 2020
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
2 hours Income Tax Planning for CFP

Practitioners often encounter partnership tax filing issues regardless of their area of specialty. Increased information reporting and the complex nature of partnership tax transactions make compliance with the filing requirements particularly challenging. This two-hour CPE webinar will help you approach these returns with confidence.

Nationally recognized tax practitioner, instructor and commentator, James Hamill, CPA, Ph.D., will provide a practical review of the issues that most commonly arise in preparing partnership tax return. Dr. Hamill will also address how to tackle partnership tax return complexities during the extended filing season.

Who Should Attend
CPAs, EAs, tax preparers and other tax professionals with responsibility for reviewing partnership and LLC tax returns and planning for partnership tax entities

Topics Covered

  • Reporting negative tax basis capital accounts
  • Preparing for the coming required tax basis capital account reporting
  • Elections to be made by the partnership: why, how and when
  • Reporting aggregate Section 704(c) items by partner
  • Partnership reporting of activities: passive loss and 3.8% net investment income tax implications
  • Guaranteed payments: identification and reporting
  • How many capital accounts to maintain
  • Minimum information reporting compared to what you would want to see on a K-1
  • Husband-wife reporting including partnership or disregarded entity options
  • Reporting requirements for Section 754 elections and Sections 734 or 743 adjustments
  • How to deal with partnership allocations - those agreed to, target allocations, and built-in gain or loss items
  • Determining shares of partnership recourse, nonrecourse, and qualified nonrecourse debt

Learning Objectives

  • Describe essential reporting issues and obligations in partnership taxation
  • Identify planning opportunities with partnership tax returns
  • Recognize and apply best practices for preparing partnership returns

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic experience with partnership tax returns

Advance Preparation
None

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