Course Details

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Course Description

This comprehensive case-driven training is designed to get the accountant up to speed quickly in the area of basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corporations, partnerships, and limited liability companies (LLCs)). The cornerstone of this course is the line-by-line analysis of the Schedule K-1s and how it affects the basis calculations.

This session is taught using a Hands-On methodology. Real-world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the participants learning experience. Each attendee will receive the most comprehensive reference manual with numerous practice aids, real-world examples, and case studies.

Topics include but are not limited to:
  • Detailed coverage of any new legislation affecting basis computations and distributions and changes to the schedule K-1s
  • A line-by-line analysis of the Schedule K-1s to determine how the items affect an S shareholder’s stock and debt basis and a partner/member’s the outside basis and where the items get reported on Federal individual income tax return
  • The three loss and deduction limitations on the owner’s individual income tax return (i.e. basis, at-risk and other Form 1040 limitations)
  • How cash or non-cash distributions affect the basis calculations and whether or not they are taxable to the owners
  • Compare the tax treatment of the sale of a shareholder’s stock in an S corporation and a partner’s interest in a partnership
  • What constitutes debt basis for an S corporation shareholder under the final regulations
  • The tax ramifications of repaying loans to S corporation shareholders and on open account debt
  • How recourse and non-recourse debt affect a partner or member’s basis calculations and amount at-risk

Learning objectives

  • List the 3 main reasons for calculating a shareholder’s basis in a S corporation and partner/member’s basis in a partnership/LLC
  • Calculate the stock and debt basis for S corporation shareholders
  • Calculate the basis for partners and members of a LLC
  • Calculate losses allowed from at-risk activities
  • Review the Form 1120S and Form 1065 Schedule K-1s to determine how the line items affect basis calculations and get reported on the individual owner’s Form 1040

About Presenter

Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants, and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater.

Phoenix Beach was developed to provide comprehensive and up-to-date educational content for business professionals of all types. As part of our mission we strive to make sure that the material we present is delivered by knowledgeable and skilled instructors so our session participants receive a great educational experience and value.

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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 website: www.NASBARegistry.org.

IRS Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

upcoming Live CPE Webinars

MAXIMIZE YOUR SAVINGS POTENTIAL THROUGH HEALTH SAVINGS ACCOUNTS (HSAS)
Monday, December 09, 2019 | 10:00 AM EST View Details/Register
Transfer Pricing and Tax Reform Opportunities
Monday, December 09, 2019 | 11:00 AM EST View Details/Register
VIRTUAL VALUES: FLEX, FREE-RANGE AND REMOTE WORK SOLUTIONS
Monday, December 09, 2019 | 11:30 AM EST View Details/Register
REGULATORY ETHICS GUIDEBOOK FOR CPAs: AICPA CODE OF PROFESSIONAL CONDUCT
Monday, December 09, 2019 | 11:30 AM EST View Details/Register
Charitable Solicitation Compliance- What does it take to be compliant?
Monday, December 09, 2019 | 12:30 PM EST View Details/Register
  • Cost $160
  • CPE Credits 8
  • CE Credits 8
  • IRS Course ID GEHNZ-T-00063-19-O
  • Subject Area Taxes
  • Course Level Intermediate
  • Instructional Method group internet based
  • Prerequisites Basic Understanding Of Individual Income Taxation
  • Advanced Preparation None
  • Who should attend? Enrolled Agent Tax Practitioners CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm Tax Pros Tax Firm Young CPA CPA in Business Entrepreneurial CPA
  • Handout Material Download
  • Handout 1 Download
  • Handout 2 Download
  • Handout 3 Download

upcoming Live CPE Webinars

MAXIMIZE YOUR SAVINGS POTENTIAL THROUGH HEALTH SAVINGS ACCOUNTS (HSAS)
Monday, December 09, 2019 | 10:00 AM EST View Details/Register
Transfer Pricing and Tax Reform Opportunities
Monday, December 09, 2019 | 11:00 AM EST View Details/Register
VIRTUAL VALUES: FLEX, FREE-RANGE AND REMOTE WORK SOLUTIONS
Monday, December 09, 2019 | 11:30 AM EST View Details/Register
REGULATORY ETHICS GUIDEBOOK FOR CPAs: AICPA CODE OF PROFESSIONAL CONDUCT
Monday, December 09, 2019 | 11:30 AM EST View Details/Register
Charitable Solicitation Compliance- What does it take to be compliant?
Monday, December 09, 2019 | 12:30 PM EST View Details/Register