Partnerships and S Corporations: How to Calculate Basis

1:00 PM ET | 12:00 PM CT | 10:00 AM PT
120 MINUTES
July 31, 2024
Special Offers :
  • Not Available !

Cart Value $ 0.00

Description

The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis. Changes in the forms reflect these developments. This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S Corporation shareholder shares and loans. How to use the Form 1065, Schedule K-1 and Form 1120S, Schedule K-1 information for basis determination. Illustrated examples with filled in forms will demonstrate how the processes works and their many potential pitfalls.

This two-hour webinar will discuss basis calculations for S-Corps and Partnerships, as well as capital accounts and partnerships. Basis calculations are tricky for practitioners, because basis is actually an individual/Form 1040 concept — individuals are responsible for determining their basis. However, all of the items necessary for making this computation are generated at the S-corporation or partnership level.

This training focuses on the numbers necessary to make basis calculations, and what those calculations actually impact. In additions, partnerships now have a requirement to report capital accounts under the tax basis of accounting. Capital accounts ARE an entity requirement (unlike basis). This webinar will cover how to determine capital accounts, and what a capital account affects.

Session Highlights

  • Identify the tax issues related to S Corporation owner's basis for shares and loans from formation through operations and concluding with sale and/or liquidation
  • Identify the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation
  • Understand potential pitfalls and planning strategies

Areas covered in the Session 

  • Calculation of basis when the entity is formed, including the impact of contributed property
  • How to calculate partnership tax basis capital accounts
  • Explains the use of both "inside" and "outside" basis determination
  • Clarifies the how partnerships and S
  • Explain the differences of basis between S-Corporations and Partnerships to clients
  • Apply basis correctly on personal tax returns
  • Understand Partnership Capital Accounts and their affects

Who Should Attend:

  • CPA, EA, attorney, and staff
  • Tax department
  • CFOs and controllers
  • Accounts payable and Accounting Managers
    Public accountants
  • Sole Proprietors


Right Column

This is the content for the right column. It will take up half the width of the container on medium screens and larger, and the full width on smaller screens.

Passport Size

Jason Dinesen

Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management fr...

Related Courses