Basic Partnership Taxation (Half-Day Webinar) (Completed)

Date: Monday, November 18, 2019
Instructor: James R. Hamill
Begin Time:  8:00am Pacific Time
9:00am Mountain Time
10:00am Central Time
11:00am Eastern Time
CPE Credit:  4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC

The fastest growing tax reporting entity is the LLC taxed as a partnership. Tax practitioners now see partnership tax vehicles used by any type of taxpayer, including large corporations. The flexibility of partnership taxation has much to do with their use, but the distinctions between the “aggregate” and the “entity” approaches create significant uncertainty in many transactions.

This session is “Part I” of a two-part program on partnership taxation. This session will review many of the basic provisions of subchapter K and will help prepare both staff and management for dealing with more complex partnership tax concepts.

In this four-hour CPE webinar nationally recognized tax expert and instructor James Hamill, CPA, Ph.D., will explain the taxation of partnerships by use of commonly encountered transactions. The session will generally follow a “life cycle” approach, beginning with a review of what it means to be a partnership for tax purposes, the consequences of formation, and ending with the effects of distributions on both the partnership and the partners.

Who Should Attend
CPAs, EAs, tax preparers and other tax professionals with responsibility for assisting clients with partnership tax returns and tax-planning strategies.

Topics Covered

  • Classification issues — what is a partnership?
  • Partnership formation
  • Tax reporting: Aggregate versus Entity with examples of each
  • Basics of partnership allocations
  • How recourse liabilities are shares
  • Centralized partnership audits
  • Distributions — effect on the partner
  • Distributions — effect on the partnership if a Section 754 election is in effect

Learning Objectives

  • Determine entity types taxed as partnerships
  • Recognize how to classify items of income and expense on partnership tax filings
  • Identify common tax reporting issues
  • Recognize and apply the tax consequences of distributions

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Experience with Partnership Tax Returns

Advance Preparation
None

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