Surgent's Introducing Partner Capital Account Reporting (CPMB)

Available Anytime

Location: Online

2Credits

Technical Business

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FICPA Members

~~$89.00 Regular Price~~

Nonmembers

$119.00 Regular Price

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Product Code: SU22-CPMB-SSWC

Level: Basic

Vendor: Surgent

Field of Study: Taxes

Overview:

Many tax practitioners with partnership clients have suddenly realized that they are responsible for presenting partner capital accounts on the tax basis for the first time on 2020 partner income tax returns. But what does this mean and how does it differ from prior year rules regarding partner capital accounts? This webinar covers exactly that - how 2020 rules regarding the presentation of partner capital accounts differ from preceding years. For tax practitioners preparing 2020 partnership 1065 forms, this course explains these complex new rules in practical and understandable terms.

Objectives:

Understand how a partner determines and reports his or her tax basis capital account for 2020

Major Topics:

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
How to compute a partner’s initial tax capital account for 2020
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 2020 for a partnership that did not use the tax basis method in 2019
Beginning capital account for partnerships and partners already reporting on the tax basis

Designed For:

Any tax practitioner who will be preparing partnership income tax returns for 2020

Prerequisite:

Basic understanding of tax rules relating to partnerships and partners

Additional Info:

You will receive an email from info@surgent.com with instructions on how to log onto your course shortly. If you do not receive the email within the hour, please check your spam filter.

For technical support, registration questions or other customer service-related inquiries, please call (800) 778-7436 or email info@surgent.com. Phones are staffed from 8:30 a.m. to 5:00 p.m. Eastern Time, Monday through Thursday, and 8:30 a.m. to 4:00 p.m. Eastern Time on Friday.