Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
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 positions. The 2017 TCJA continues a trend of adding more items that require additional information reporting by flow through entities. The CARES and CCA legislation add to this trend. Because many provisions of these acts remain unclear, 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, 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?”
Publication Date: June 2022
Designed For
CPAs, EAs, tax preparers and other tax professionals with responsibility for preparing or reviewing partnership or S corporation tax returns.
Topics Covered
- What's New?
- PPP Issues
- SALT Workaround Issues
- QBID Issues/Reporting
- Centralized Partnership Audits
- QOF Uses and Elections
- Partner Negative Tax Basis Capital
- Partner Section 704(c) Unrecognized Gain
- What's Old, Maybe Tweaked, but Important
- Activity/Business Groupings
- More Questions/More Separately”Stated Reporting
Learning Objectives
- Identify key reporting issues in flow through entities
- Recognize how to provide the most useful information to the owner
- Identify the amount in which phase-out of QBID ends for single taxpayers
- Describe correct statements regarding capital account reporting
- Recognize the four small partnership requirements with respect to reporting negative tax basis capital
- Identify issues in tax basis capital reporting
- Recognize the percentage deduction available for qualified business income, beginning in 2018
- Describe which tax year a partnership must report partners' tax basis capital
- Identify the number of "insubstantiality" tests with respect to substantial economic effect
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
James R. Hamill
Dr. Hamill is the Director of Tax Practice at Reynolds, Hix & Co., P.A., in Albuquerque, New Mexico. He is the author of more than 36 CPE courses and more than 100 articles in professional tax journals and writes a weekly column on tax issues for the Albuquerque Journal. He has lectured on structuring tax transactions throughout the country for international CPA firms, State CPA Societies, and numerous other organizations. He has developed and instructed webinars on a variety of tax topics over the past 10 years. He is a CPA in New Mexico, a past Chair of the New Mexico Society of CPAs, and has 40 years of experience in tax practice.