Date: December 24th, 2024

Time: 1pmET | 12pm CT | 11am MT | 10am PT

Duration: 120 Minutes

Description:

This course explores disclosures, adjustments, and restructurings for partners and S corporation shareholders, focusing on two prevalent issues related to business ERTC returns and PPP loans reported on tax returns. These reporting inaccuracies can lead to significant underestimations of the underlying value. Participants will examine these and other critical factors that contribute to such errors, helping companies and tax authorities identify affected clients and find resolutions. The course will also cover how new or existing members, partners, and LLC members are treated, as well as key considerations when a corporation closes or disposes of assets.

Topics Covered

• Form 7203: Basis for S Corporation Shareholders
• Partner’s basis worksheet
• IRS Guidelines for Partners’ Capital Accounts and Basis
• Inside and outside basis
• Tax Practitioners’ Responsibilities Regarding Basis and Potential Liability for Errors
• Unique Basis Issues for S Corporations and Partnerships
• Implications of Incorrect Basis and Timing for Corrections

Learning Objectives

• Understand the fundamentals of basis for shareholders, partners, and LLC members.
• Identify specific business transactions that may lead to basis-related issues.
• Develop best practices for correcting or reconstructing basis when necessary.
• Accurately calculate basis for asset contributions or distributions.
• Determine tax practitioners’ responsibilities and potential exposure related to basis.

Credits and Other information:

• Recommended CPE credit – 2.0
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 2 Hours

Who Will Benefit:

• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners

About Our Speaker

Robert S. Barnett, JD, Masters (Taxation), CPA, is a founding partner of Capell Barnett Matalon & Schoenfeld LLP, Attorneys at Law. His practice is highly concentrated in the areas of taxation, trusts, estates, corporate and partnership law and charitable planning. His experience includes Surrogate’s Court practice, tax dispute resolution, Tax Court representation, and structuring financial transactions and charitable gifts.

Rene Schaefer , As a principal in Clark Nuber’s tax group, Rene works closely with her clients to develop creative tax strategies for many types of businesses; especially with manufacturing, distribution, construction and professional service companies.With more than 30 years of experience working with both private and public companies, Rene has the proven expertise to help clients grow and succeed. Prior to joining Clark Nuber, Rene worked with SVA Certified Public Accountants, S.C. for 16 years.