Partnership Essentials: Review and Update

The IRS has made some game-changing updates on the reporting of partnership basis. This course examines the critical issues and special opportunities facing partnerships and their partners, as well as the relationship between limited liability companies and partnerships. New tax basis and capital accounting reporting rules will be addressed, as well as the impact of the CARES Act, SECURE Act and other recent legislation on the tax structure of partnerships and LLCs.

**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.

Learning Objectives:

• Define the tax consequences and various liabilities for both partnerships and LLCs
  
• Discuss the impact of the new Section 199A deduction on partnerships
  
• Apply planning opportunities and potential pitfalls

Key Topics:

• Recent tax legislation, rulings and developments affecting Partnerships and LLCs
  
• Basis and capital account reporting on Form 1065 Schedule K-1
  
• The impact of the Section 199A deduction on partnerships and LLCs
  
• New Section 163(j) interest expense deduction
  
• New rules on meals and entertainment expense reporting
  
• Transportation fringe benefits
  
• New partnership audit rules
  
• Opportunity zones
  
• Section 754 self-employment tax

Designed for: Practitioners with partnership clients and those seeking knowledge on thorny partnership issues

Level: Update

Instructor: Doug Van Der Aa, CPA, JD

Developer: Doug Van Der Aa, CPA, JD

CPE Credits: 4

Area(s) of Study: Taxes - Technical