Understand complex partnership tax issues and avoid potential traps caused by various transactions.
Partnership tax compliance is one of the most complex sections of the Internal Revenue Code. While the pass-through nature of partnerships makes them a very desirable choice of entity for many businesses, the complexity of the Internal Revenue Code in this area presents a challenge for tax accountants. This topic will provide an overview of the necessary compliance for partnership entities. It will focus on current changes for things like tax basis capital account reporting and will provide examples that you can use in your own practice. The information will also provide an overview of complex partnership tax issues so that practitioners are more aware of the potential traps caused by various transactions.
Learning Objectives
- You will be able to differentiate between aggregate and entity issues.
- You will be able to identify tax characteristics in partnerships.
- You will be able to recognize accounting principles guiding partnerships.
- You will be able to identify partnership liabilities and their impact.
Agenda
Brief Overview of Partnership Taxation
- Aggregate vs. Entity Issues; Check-the-Box Rules
- Pass-through of Tax Items
- Contribution to and Distribution From Partnership
Capital Account vs. Basis
- Importance of Partnership Capital Accounts (Tax and 704(b))
- Inside vs. Outside Basis
- Capital Account Example
Partnership Compliance Issues
- Separately Stated and Non-Separately Stated Items
- Reporting Depreciation and Gain on Disposal
- Book to Tax Adjustments
Impact of Partnership Liabilities
- Determining the Nature of Partnership Liabilities
- Allocation of Liabilities to Partners
- Impact on Outside Basis
Overview of Section 704(c)
- When Should I Be Concerned?
- Impact on Asset Disposition
- Special Allocations Required and Available Methods
Speakers
Brian T. Lovett, CPA, CGMA, J.D.,
WithumSmith+Brown, PC- Partner in the East Brunswick, NJ office of WithumSmith+Brown, PC
- Practice emphasizes all aspects of real estate
- Conducts regular seminars and workshops on numerous tax issues impacting the real estate industry
- Author of several publications related to various real estate matters
- J.D. degree, Rutgers Law School- Camden; B.S. degree in accountancy, The College of New Jersey
- Can be contacted at 732-964-9343, blovett@withum.com or on Twitter® @briantlovett
Who Should Attend
This live webinar is designed for accountants, CPAs, controllers, CFOs, tax managers, tax preparers, finance directors, accounts payable professionals, and bookkeepers.
