Faculty - Jim Buttonow
Credits - 2 Credit
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 course reviews accurate reporting, correcting, and reconstructing for partner and S corp shareholder basis. Including two very common matters affecting S corp shareholder and partner basis related to how business ERTC refunds and PPP loans were reported on the entity tax returns.
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 Objectives:
- 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
- Understand basis basics for shareholders, partners, & LLC members
- Develop best practices for correcting or reconstructing basis if needed
- Properly handle basis calculations for asset contributions or distributions
- Determine tax practitioners' exposure and responsibilities related to basis
Area Covered in this session:
- Form 7203, S corp Shareholders Basis
- Calculation of basis when the entity is formed, including the impact of contributed property
- IRS rules for partners capital accounts and basis
- 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.
Live Q&A session will be held after the event.
PowerPoint presentation for reference
Who Should Attend?
- CPA, EA, attorney, and staff
- Tax department
- CFOs and controllers
- Accounts payable and accounting managers
- Public accountants
- Sole Proprietors
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
*You may ask your Question directly to our expert during the Q&A session.
** You can buy On-Demand and view it at your convenience.
Jim Buttonow
Jim Buttonow, CPA, CITP, has been a leader in helping taxpayers and tax professionals resolve tax problems with the IRS.
For 19 years, Jim worked at the IRS in various compliance enforcement positions. Since 2006, Jim has been in private practice and tax and accounting software development. Jim's consulting practice focuses on the areas of tax controversy and tax administration. Jim led product development and marketing for a successful software company that developed tax problem software for tax professionals.
Jim has been an IRS partner in improving IRS operations and post-filing service to taxpayers. Jim served as chairperson of the IRS Electronic Tax Administration Advisory Committee (ETAAC) in 2015 and 2016 during which ETAAC played a central role in promoting the IRS digital strategy to develop transformative technology solutions to systemic challenges in tax administration. Jim currently serves as the North Carolina representative on the IRS’ Taxpayer Advocacy Panel (TAP).
Jim regularly speaks on areas of tax administration and problem solving to national associations and has testified before Congress in areas of tax administration. He has also published many articles in industry publications. In his articles, Jim focuses on delivering practical insights, advocating for IRS transparency and efficiency, and proposing innovative large-scale solutions for taxpayers and tax professionals.
Jim has twice been honored in Accounting Today as being one of the Top 100 Most Influential People in Accounting. Jim currently authors CCH’s Tax Problems and Solutions Handbook, a publication aimed at helping tax pros work more effectively in post-filing matters and resolving their clients’ most common tax problems.
If you can’t attend the live webinar, simply go for the ‘on-demand webinar’ for the same price! Now, the live webinar recording will be saved in a cloud storage for you to access anytime from anywhere. On demand session is when we conduct the webinar as per your available dates after the live training. You will get access to the training for 24 hours.
If you can’t attend the live webinar, simply go for the ‘Recording - Single Licence’ for the same price! Now, the live webinar recording will be saved in a cloud storage for you to access anytime from anywhere and webinar link will be received after the 24 hour for 7 days.
Transcript is a word to word description of the webinar recording with its handouts in a PDF format.
Web Download includes the access to the recording of the webinar with its handouts. We will send you a link on your e-mail, by which you can download the MP4 file and save it on your desktop to play it as per your convenience.
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