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Self-Study

Surgent's Introducing Partner Capital Account Reporting

Valid for one year from purchase date
Self-study - On-Demand
2 CPE (2 technical)  |  2 IRS CE

Course code: 24SS-0132
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If your organization is exempt from sales tax, call us at 952-831-2707 to complete your purchase.

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Tax practitioners are responsible for presenting partner capital accounts on the tax basis. But what does this mean and how does it differ from prior year rules regarding partner capital accounts? This webinar covers exactly that -- how the rules regarding the presentation of partner capital accounts differ from preceding years. For tax practitioners preparing 2021 partnership 1065 forms, this course explains these complex new rules in practical and understandable terms.

Major subjects

  • 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
  • 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 2021
  • Beginning capital account for partnerships and partners consistently reporting on the tax basis

Learning objectives

  • Understand how a partner determines and reports his or her tax basis capital account for 2021 and after

Who should take this program?

  • Any tax practitioner who will be preparing partnership income tax returns

Pricing

Standard Member Fee $89.00
checkmark Standard Nonmember Fee $89.00
Our records indicate you are a nonmember. If you register, you will be charged $89.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

If your organization is exempt from sales tax, call us at 952-831-2707 to complete your purchase.

Add to cart

More program information

Area
of study
Taxation
Field(s)
of study
Taxes - Technical (2.0)
Level Basic
Format Self-study - On-Demand
Sponsor Surgent
NASBA ID#: 103212
Prerequisites Prereq. Basic understanding of tax rules relating to partnerships and partners
Advance
prep
None

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