Courses

Surgent's Introducing Partner Capital Account Reporting

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Member Price: $0.00 Non-Member Price: $0.00

Date/Time:: Feb 2, 2023, 2:00pm–4:00pm
Developer:: SURGENT MCCOY SELF-STUDY CPE, LLC
Level:: Basic

Tax practitioners are responsible for presenting partner capital accounts on the tax basis. But what does this mean and how does it differ from prior year rules regarding partner capital accounts? This webinar covers exactly that - how the rules regarding the presentation of partner capital accounts differ from preceding years. For tax practitioners preparing 2021 partnership 1065 forms, this course explains these complex new rules in practical and understandable terms.

Objective

Understand how a partner determines and reports his or her tax basis capital account for 2021 and after

Highlights

How a partner’s outside basis and capital account differ
Reconciling Schedule M-2 Form 1065 with Partnership K-1 Schedule L
IRS requirement to report partner tax basis on the transactional approach
Implications if a capital account is negative
Deficit restoration accounts and qualified income offsets
Modified outside basis method and modified previously taxed capital method
Determining a partner’s beginning capital account for 2021
Beginning capital account for partnerships and partners consistently reporting on the tax basis

Designed For

Any tax practitioner who will be preparing partnership income tax returns for 2021 or 2022

Prerequisite

Basic understanding of tax rules relating to partnerships and partners

Advanced Preparation

None