This comprehensive case-driven training is designed to get the accountant up-to-speed quickly in the area of basis calculations and distribution planning for the owners of pass-through entities (i.e., S-corporations, partnerships, and limited liability companies (LLCs)). The cornerstone of this course is the line-by-line analysis of the Schedule K-1s and how it affects the basis calculations.
Once participants have completed this session, they should be able to * Understand the major federal income tax laws impacting individuals * Identify and comprehend any newly enacted legislation, changes, and IRS guidance affecting individual income tax returns
* This session is taught using a Hands-On methodology * Real-world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the participant's learning experience * Each attendee will receive the most comprehensive reference manual with numerous practice aids, real-world examples, and case studies * Topics include but are not limited to * Detailed coverage of any new legislation (i.e., Tax Cuts & Jobs Act) affecting basis computations and distributions and changes to the Schedule K-1s * Line-by-line analysis of the Schedule K-1s to determine how the items affect an S-shareholder’s stock and debt basis and a partner/member’s outside basis and where the items get reported on federal individual income tax return * The three loss and deduction limitations on the owner’s individual income tax return (i.e. basis, at-risk, and other Form 1040 limitations) * How cash or noncash distributions affect the basis calculations and whether or not they are taxable to the owners * Compare the tax treatment of the sale of a shareholder’s stock in an S-corporation and a partner’s interest in a partnership * What constitutes debt basis for a S-corporation shareholder under the final regulations * The tax ramifications of repaying loans to S-corporation shareholders and on open account debt * How recourse and nonrecourse debt effect a partner or member’s basis calculations and amount at-risk
Who Should Attend
Tax professionals who need an in-depth training course on basis calculations and distributions rules for S-corporations, partnerships, LLCs, and their owners
Basic understanding of individual income taxation
Additional Event Information
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly.
If you need assistance with internet access issues, browser capability, or when the NCACPA office is closed* please call Freestone Technical Support at 866-702-3278 or by email at [email protected] .
*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via email 30 minutes prior to the start of a live online program.
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Also Available As
Thursday, September 29, 2022 (8:30 am–4:15 pm ET)
Tuesday, October 4, 2022 (8:30 am–4:15 pm ET)
Tuesday, November 1, 2022 (8:30 am–4:15 pm ET)
Tuesday, January 10, 2023 (8:30 am–4:15 pm ET)
Monday, March 13, 2023 (8:30 am–4:15 pm ET)
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