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Shareholder and Partnership Basis Issues

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

The basis of a partner in a partnership and of an S Corp shareholder are similar, and the basis for each type of business serves the same purposes. When deductions or losses are passed through to either a partner or shareholder, the calculated basis puts a limit on tax deductions.

Basis in a flow-through business is key to deducting losses and calculating gains or losses on disposition. Certain losses deductible by partners in partnerships are not deductible by S corporation shareholders.

Shareholders track their basis using accumulated adjustment accounts, while partners use capital accounts. Both are increased by flow-through income, contributions of cash or property, and reduced by distributions and deductions. Similarly, both owners are also 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 are 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.

This CPE/CE tax course will cover all a practitioner needs to know about calculating the basis for shareholders of S-corporations and partners in a partnership. In particular, it will cover new items such as the new Form 7203 from the IRS, for tracking the basis of S-Corp shareholders.

This CPE/CE also covers the differences in basis tracking between the 2 types of entities and discusses best practices for practitioners.

This CPE/CE Tax webinar answers the following major questions:

  • What is the basis?
  • What are the simple examples to set the stage?
  • What is a partnership basis?
  • What are the partnership amounts at risk?
  • What is an S-corporation basis?
  • What are S-corporation shareholder loans?
  • How to track basis -- new Form 7203?

Learning Objectives

  • To define the term basis.
  • To discuss the components of the basis for a partner.
  • To investigate the components of the basis for an S-corporation shareholder.
  • To explain the at-risk rules.
  • To define how debt basis works.
  • To discuss how to track shareholder loans and their impact on a basis.
  • To analyze how to use Form 7203. 

Recommended For

  • In this IRS Approved CE course for AFSP, CPA (US), EA, CTEC, Tax Professionals, and Other Professionals who want to understand shareholder and partnership basis issues to support their clients with updated tax services.

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00785-21-O)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00785-21-O)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00785-21-O)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0728)
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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.

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.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Jason Dinesen, EA, LPA

President, Dinesen Tax & Accounting, P.C.

Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well known presenter of continuing education courses. He has an impeccable acumen for tax subjects, by virtue of which, he is known to create very well researched course materials helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries.

Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more.

He has presented over dozens of webinars on Form 1099 (MISC & R); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting.

Moreover, Jason is known to be producing every other webinar/course a little different and updated from the previous one. No wonder, he is a top ranked presenter whose webinars and self-study course materials are very well received by the audience. 

He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics. 

Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa. To reinvent this aptitude, he has recently started his own series of podcasts on myCPE ‘The Jason Show’, an edutainment podcast series that also provides continuing credits to the listeners.

Jason was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 5 cats and 3 dogs. Jason holds season tickets to University of Iowa football, and enjoys using his chainsaw. Topmost item in his 2022 bucket list is to learn how to properly ‘nose & taste’ whisky. 

About Company

Dinesen Tax & Accounting, P.C.

www.dinesentax.com

Unlike some other accounting firms, when Dinesen Tax & Accounting, P.C. says we offer personal service, we mean it. When you come to us with your tax preparation needs, you’ll deal directly with our owner and president, Jason Dinesen. We don’t put administrative staff in the middle of you and our tax expert. That means you’ll always have first-hand knowledge of where things stand, and important information won’t slip through the cracks. We welcome all clients, but especially individuals who want the benefits of a long-term relationship with an accounting firm capable of handling anything that might come along with their taxes. We give all our clients the time, attention, and convenience they should expect. If you have a challenging professional or personal schedule, Jason will accommodate you by meeting whenever – and wherever – works best for you.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.7

40 Ratings

Excellent

28

Very Good

10

Average

2

Poor

0

Terrible

0

CT

Christina Terrazas, CPA (US)

Mar 17th, 2022

I took this class because I was stuck on calculating the basis. I was looking all over the partnerships return to figure out where to enter the basis. The instructor casually mentioned that it was the responsibility of the individual instead of the partnership. Nailed it! I quickly found what I was looking for. Thank you!!

Darthula Goetz
Darthula Goetz, ORTP

May 28th, 2022

GOOD SELF STUDY - REALIZED i NEEDED TO RETHINK MY DISCUSSIONS WITH CLIENTS.

Shareholder and Partnership Basis Issues

PREMIUM

1 Credit

Subject Area

Taxes

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