S-Corporation Basis, Partnership Basis and Capital Accounts
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.
Session Highlights
- 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.
What We will Discuss
- 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
What You will Learn
- 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.
Why You Should Attend
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.
Who will Benefit
- CPAs
- Tax Preparers
- Lawyers
- Small Business Owners
- Accountants
Jason Dinesen
Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses. 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 (for 10 years on this subject!); 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. 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. He 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, 4 cats and 2 dogs. His other hobbies include being a season ticket holder to University of Iowa football.
NASBA -
StandEagle 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.
ACCREDITATIONS
