Partnership and S Corporation Tax Filing Issues

Author: James R. Hamill

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 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 added 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 course 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 course, 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: November 2024

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?
• SALT Workaround Issues
• QBID Issues/Reporting
• Centralized Partnership Audits
• QOF Uses and Elections
• Partner Tax Basis Capital
• Partner Section 704(c) Unrecognized Gain
• Partner property basis reporting
• 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

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None