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New Rules Regarding the Calculation and Tax Reporting of a Partner's Basis and Capital Account (CPMB)

Wednesday, June 2, 2021
01:00 PM - 03:00 PM (Eastern)

Mike Tucker, Ph.D., LL.M., J.D., CPA

  • Format Webinar
  • Credits 2
  • Level Basic
  • Field of Study Taxes (Technical) (2)

$89.00


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.

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

Learning Objectives

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

Who should take this course:

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

Basic understanding of tax rules relating to partnerships and partners

None

Yes

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