Surgent's Mastering Basis Issues for S Corporations, Partnerships, and LLCs - VIRTUAL
4.00 Credits
Member Price $145
Non-Member Price $195
Overview
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.
Highlights
- Applicable coverage of any basis considerations within any recent tax legislation enacted before the presentation
- Discuss new pass-through basis calculations required as attachments to certain individual returns
- Excess business losses and NOLs Tax Basis Capital Account Reporting Requirements
- 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 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 legislation cleans up the basis treatment of charitable contributions and foreign taxes paid
Prerequisites
Experience in business taxation
Designed For
Accounting and Financial Professionals who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues
Objectives
- 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
Preparation
None
Leader(s):
Leader Bios
Brian Greenstein, Surgent McCoy CPE, LLC
Brian R. Greenstein, Ph.D., is an accounting professor at the Lerner College of Business and Economics at the University of Delaware. Previously he served as the Director of Graduate Tax Programs and Chair of the Department of Accounting and Taxation at Seton Hall University. Dr. Greenstein started his career with an international CPA firm and currently maintains an active consulting practice.
Dr. Greenstein has presented several hundred live seminars on various tax and financial planning topics for State CPA societies, private accounting firms, and the Internal Revenue Service. He has also written numerous articles appearing in national publications such as the Journal of Taxation, The Tax Advisor, the CPA Journal, the Journal of Corporate Taxation, Taxes – The Tax Magazine, Taxation for Lawyers, and the Review of Taxation of Individuals. His research has been quoted by the Supreme Court of the United States in Indopco v. Commissioner, and he actively contributes to the regulatory standard-setting process.
Non-Member Price $195
Member Price $145