CPE Course Surgent's Mastering Basis Issues for S Corporations, Partnerships, & LLCs

November 5, 2021

1:15pm — 4:45pm

Location

Member Price $129.50Register after October 15 and pay $139.50
Non-member Price $179.50Register after October 15 and pay $189.50

Curriculum Taxation

Field of Interest Taxes (Technical)

Level Intermediate

Designed For

CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues

Objective

  • Determine initial basis and organizing tax-free under §351 and §721
  • Discuss what affects basis and how to treat distributions
  • Pass the loss limitation hurdles to deduct pass-through losses

 

 

Highlights

The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules. This course is designed to focus on the practical applications of these rules.

  • Applicable coverage of any basis considerations within the Tax Cuts and Jobs Act, or other recent tax legislation enacted before the presentation
  • Discuss new pass-through basis calculations required as attachments to certain individual returns
  • Excess business losses and the NOL updates made by the CARES and Tax Relief Acts of 2020
  • The new tax basis reporting requirement for partnerships and 2020 presentation changes made to Forms 1065 and 1120-S Schedule K-1
  • How §179 limitations affect basis and how the “tax-benefit” rule is applied
  • S corporations: Beware of final IRS regulations regarding “open debt” of S corporations; understand the effect of stock basis and debt basis and IRS’s recent focus on “at-risk basis” for shareholders; recognize how AAA applies or does not apply to certain S corporations; learn to apply the complex ordering rules and special elections that can have a big tax result; become aware of when you can have a taxable dividend in an S corporation; understand distributions of cash and property and post-termination transition rules, and temporary new TCJA post-termination rules for eligible corporations
  • LLCs and partnerships: Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; determine how to calculate basis under both §704 and for “at-risk” under §465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; review §754 step-up in basis rules; and learn how TCJA cleans up the basis treatment of charitable contributions and foreign taxes paid

 

Instructors

John M. Kilroy, CPA, CFP

John Kilroy is a managing member of iValue Financial Planning LLC, located in the Philadelphia, Pennsylvania area. John engages clients in financial and tax planning, as well as preparing tax returns for individuals, corporations, partnerships, estates, and trusts. John is a CPA and a CFP® practitioner. He is a 1979 graduate of Villanova University with a BS in Accounting. John is a member of the Pennsylvania Institute of Certified Public Accountants and the Financial Planning Association (FPA). Within the FPA, John has served as a board member of the Philadelphia Tri-State chapter and on its education and finance committees. John is an adjunct faculty member for the Temple University Certificate of Financial Planning Program. He is a frequent speaker and facilitator on tax and financial planning topics. John has been quoted in the Wall Street Journal, MarketWatch.com, and USATODAY.com. He has written for the Journal of Financial Planning, and is a contributor to Retirement Weekly. John has also discussed financial and tax planning issues on various radio outlets.close

Prerequisites

Experience in business taxation

Developer

Surgent McCoy CPE, LLC

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