The AICPA revised the Statements on Standards for Tax Services, which provide the framework for the AICPA ethical guidance for tax practitioners. This program will review the new standards that apply to all members who provide tax services, effective January 1, 2024. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation, you will be able to...
- Implement practical strategies based on a thorough understanding of the complex rules for partnership distributions of property
- Identify and recall key compliance issues
- Identify and recall significant issues in the Form 7217
Major Topics
The major topics that will be covered in this class include:
- Discuss the impact of the Section 199A flow-through entities deduction on partnerships and their partners
- The meaning of a "tax basis capital account"
- How the financial accounting and tax capital accounts differ from one another
- Determine a partner's share of the partnership's liabilities
- Distinguish "recourse" loans from "nonrecourse" loans
- What are "qualified nonrecourse financing" loans and how they affect partners
- Section 704 "built-in gain or loss" rules and how they impact Schedule K-1 reporting
- Section 4655 "at risk" rules and how they impact Schedule K-1 reporting
