2024 Partnership Essentials: Review & Update

Overview

This course examines the critical issues and special opportunities facing partnerships and their partners, as well as the relationship between limited liability companies and partnerships, with a focus on reporting tax basis capital accounts.

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.

Prerequisites

Basic working knowledge of partnerships and LLCs taxation

Objectives

• Define the tax consequences and various liabilities for both partnerships and LLCs
• Apply rules for reporting tax basis capital accounts
• Identify planning opportunities and potential pitfalls

Highlights

• Recent legislative, rules and tax developments impacting partnerships and their partners
• Transfer of partnership interests
• TCJA §461(l) Excess Business Losses and §163(j) Business Interest Expense
• Importance of capital accounts
• Form 1065, Schedules K-1 and M-2
• Schedules K-2 and K-3 update
• Reporting partner capital accounts
•  Effect of the Ceiling Rule
• Alternative and Remedial Methods
• Effect on financial capital accounts
• Tax basis capital accounts