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We 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). We will cover how to determine capital accounts, and what a capital account affects.
- Understand what the basis is and why it is important.
- Calculate basis for S-Corporations and Partnerships accurately.
- 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 effects.
- Basis Calculations for S-Corps and Partnerships
- IRS Guidance on best practices for S-Corps and Partnership
- Distributions and their effects on basis
- Deductions, Losses and Suspense accounts
- Form 7203
- Impact of basis on individual tax returns
- Capital Accounts
- Understand what basis is and why it is important.
- Calculate basis for S-Corporations and Partnerships accurately.
- 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.
Attending this webinar is essential for professionals who want to deepen their understanding of basis calculations and its critical role in S-Corporations and Partnerships. You’ll gain practical skills to accurately calculate and apply basis on personal tax returns, ensuring compliance and maximizing client outcomes. Additionally, you'll enhance your ability to explain complex basis differences to clients and effectively manage Partnership Capital Accounts.
- CPAs
- Tax Preparers
- Lawyers
- Small Business Owners
- Accountants
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. Jason prepares over 200 tax returns every year and deals with a variety of situations ranging from individual taxes to business taxes. He has been presenting since 2012.
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Pearl Education is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org
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