Shareholder Basis 1 Credit
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Dec 04, 2024 | 11:30 AM
ET
This comprehensive course will examine the details of the basis for S Corps and partnerships and the importance of properly calculating it.
Basis in a flow-through business is key to deducting losses and calculating gains or losses on disposition. Certain losses deductible by partnership partners are not deductible by S corporation shareholders. Entity-level debt and personal guarantees are treated differently for these otherwise similar entities.
Shareholders track their basis using accumulated adjustment accounts, while partners use capital accounts. Both are increased by flow-through income and contributions of cash or property and reduced by distributions and deductions. Similarly, both owners are subject to at-risk rules before loss deductions are allowed.
Planning techniques are available to increase the basis in these flow-through entities to deduct current-year losses. Ordering rules for loss deductions and restoration of basis is complex. Tax practitioners need to understand the similarities and differences in basis calculations for owners of both partnerships and S corporations to report annual flow-through income and deductions and, ultimately, the gain or loss on the disposition of these entities.
Major Topics covered in this webinar:
The speaker of this CE course, Nicholas Preusch, will start with S Corps and determine how to calculate the basis in an S Corp interest, along with ordering elections for adequately calculating the basis.
Then he will look into partnerships and, after determining the difference between inside and outside basis, how basis is calculated for a partnership to assess things like the amount of deductible loss or if any distributions are taxed.
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Advance Preparation
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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.
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
MR
My experience was amazing as always. I did notice that while the Basis worksheet (not the 7203 form, the old worksheet) is redacted on the screen, when the handout is printed the redaction doesn't line up and the tax payer information is printed as well. I appreciate having the ability to look over answers when we're finished with the final test. Super helpful when wanting to know what areas need strengthening.
THW
Nicholas Preusch is one of my favorite presenters. He is a master of the subject matter, and he has a great speaking voice. This webinar covered all the right things. Hopefully it will be offered again early next year so I can 'refresh" everything before tax season starts.
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