Description
Understand complex partnership tax issues and avoid potential traps caused by various transactions.
Partnership tax compliance is one of the most complex sections of the Internal Revenue Code. While the passthrough nature of partnerships makes them a very desirable choice of entity for many businesses, the complexity of the Internal Revenue Code in this area presents a challenge for tax accountants. This topic will provide an overview of the necessary compliance for partnership entities. It will focus on current changes for things like tax basis capital account reporting and will provide examples that you can use in your own practice. The information will also provide an overview of complex partnership tax issues so that practitioners are more aware of the potential traps caused by various transactions.
Date: 2024-05-29 Start Time: 1:00 PM ET End Time: 2:40 PM ET
Learning Objectives
* You will be able to differentiate between aggregate and entity issues.
* You will be able to identify tax characteristics in partnerships.
* You will be able to recognize accounting principles guiding partnerships.
* You will be able to identify partnership liabilities and their impact.