Partnerships and S Corporations How to Calculate Basis

Event: Live Webinar
Event Date: June 28, 2024
Presenter: Jason Dinesen
Event Time: 1:00 PM EST
Duration:120 Minutes

Description:

The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis. Changes in the forms reflect these developments. This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S Corporation shareholder shares and loans. How to use the Form 1065, Schedule K-1 and Form 1120S, Schedule K-1 information for basis determination. Illustrated examples with filled in forms will demonstrate how the processes works and their many potential pitfalls.

This two-hour webinar will discuss basis calculations for S-Corps and Partnerships, as well as capital accounts and partnerships. Basis calculations are tricky for practitioners, because basis is actually an individual/Form 1040 concept — individuals are responsible for determining their basis. However, all of the items necessary for making this computation are generated at the S-corporation or partnership level. This training focuses on the numbers necessary to make basis calculations, and what those calculations actually impact. In additions, partnerships now have a requirement to report capital accounts under the tax basis of accounting. Capital accounts ARE an entity requirement (unlike basis). This webinar will cover how to determine capital accounts, and what a capital account affects.

Learning Objective:

  • Identify the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation
  • Identify the tax issues related to S Corporation owner’s basis for shares and loans from formation through operations and concluding with sale and/or liquidation
  • Understand potential pitfalls and planning strategies

Session Highlights:

  • Calculation of basis when the entity is formed, including the impact of contributed property
  • How to calculate partnership tax basis capital accounts
  • Explains the use of both “inside” and “outside” basis determination
  • Clarifies the how partnerships and S
  • Explain the differences of basis between S-Corporations and Partnerships to clients.
  • Apply basis correctly on personal tax returns.
  • Understand Partnership Capital Accounts and their affects.

Who Should Attend:

  • CPA, EA, attorney, and staff
  • Tax department
  • CFOs and controllers
  • Accounts payable and accounting managers
  • Public accountants
  • Sole Proprietors

Speaker Profile:

Jason Dinesen (EA, LPA) is a tax nerd,entrepreneur, tax expert and a well-known presenter of continuing education courses. Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more. He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting. He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics. Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa. Jason was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 4 cats and 2 dogs. His other hobbies include being a season ticket holder to University of Iowa football.