Steven C. Dilley is a professor at Michigan State University where he teaches tax accounting. He obtained his Ph.D in accounting from the University of Wisconsin Madison in 1972. In 1969 he also received a law degree and an undergraduate accounting degree from UW- Madison. He is a member of the Wisconsin Bar Association, the American Bar Association, the Wisconsin Institute of CPA's, the Michigan Association of CPA's, the American Accounting Association,The American Institute of CPA's, the American Taxation Associaiton, and the Hawaii Association of Public Accountants. Steve is the President of the Federal Tax Workshops, Inc. This organization prepares continuing education materials and presents continuing education programs for accountants and attorneys throughout the United States. Steve is nationally known for his knowledge of taxation in general and especially for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on those topics.
Literally thousands of individual taxpayers may have increased deductions or exclusions from gross income as a result of the Disaster Relief Act of 2024! Casualty provisions of the Act are retroactive to December 19, 2019 through early 2025. Both low and high income taxpayers may benefit from the Act through exclusions of payments received as compensation for wildfire damages
retroactive to 2014! This course will review the provisions of this new act. 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 retirement distributions
Implement practical strategies in determining a partner’s tax basis for a partnership interest
Identify the use of Form 1065, Schedule K-1 information for basis determination.
Major Topics
The major topics that will be covered in this course include:
Explain the use of both "inside" and "outside” basis determination.
How to calculate tax basis capital accounts, including when the entity is formed, including the impact of contributed property.
Clarify the importance of partnership capital accounts and partnerships debt on partner's tax basis.
Explanation of how basis is impacted distributions and by sale and/or liquidation of the partnership interest.
Comprehensive example to illustrate the mechanics of the basis determination process.
CPE Credits Available
1 CPE
1
Taxes
Things to Know About This Course
Course Level
Intermediate
Professional Area of Focus
Taxation
Prerequisites
Basic working knowledge of individual and business taxation.
Advanced Preparation
None
Intended Audience
CPAs and members in industry seeking an in-depth review of the Disaster Relief Act of 2024 and with clients experiencing casualty losses.
