November 30, 2022


Webinar


2 Total CPE Credits

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Surgent's Introducing Partner Capital Account Reporting

Learning Objectives

  • Understand how a partner determines and reports his or her tax basis capital account for 2021 and after

Major Topics

  • How a partner’s outside basis and capital account differ
  • Reconciling Schedule M-2 Form 1065 with Partnership K-1 Schedule L
  • IRS requirement to report partner tax basis on the transactional approach
  • Implications if a capital account is negative
  • Deficit restoration accounts and qualified income offsets
  • Modified outside basis method and modified previously taxed capital method
  • Determining a partner’s beginning capital account for 2021
  • Beginning capital account for partnerships and partners consistently reporting on the tax basis

CPE Credits Available

2
Total CPE
2
Taxes

Things to Know About This Course

Course Level

  • Basic

Prerequisites

Basic understanding of tax rules relating to partnerships and partners

Advanced Preparation

None

Intended Audience

Any tax practitioner who will be preparing partnership income tax returns for 2021 or 2022

Provider

Surgent McCoy CPE

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