Date: August 22nd , 2025

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

Duration: 120 minutes

Description:

The IRS has stepped up enforcement on accurately calculating and reporting partner and shareholder basis, reflected in recent updates to tax forms and reporting requirements. This program offers a thorough analysis of how to determine tax basis for partnership interests and S corporation shareholder shares and loans. You’ll learn how to utilize information from Form 1065, Schedule K-1, and Form 1120S, Schedule K-1 to accurately calculate basis. Through detailed, illustrated examples with completed forms, this course highlights the calculation process and common pitfalls to avoid.

This two-hour webinar also addresses basis reconstruction and correction techniques for partners and S-corp shareholders. Special attention will be given to frequently encountered issues, such as the treatment of business ERTC refunds and PPP loans as reported on entity tax returns.

Basis calculations are often challenging because basis is an individual taxpayer concept—each shareholder or partner must determine their own basis, but the relevant data is generated at the entity level. This training focuses on the critical numbers needed for accurate basis calculations and explains their tax implications. Additionally, partnerships are now required to report capital accounts under the tax basis method, an entity-level requirement distinct from individual basis. The webinar will explain how to calculate capital accounts and their tax effects.

Learning Objectives

• Identify tax issues related to LLC members’ and partners’ basis from formation through operations to sale or liquidation.
• Understand S corporation shareholders’ basis for shares and loans over the same lifecycle.
• Recognize common pitfalls and effective planning strategies.
• Master the basics of basis for shareholders, partners, and LLC members.
• Develop best practices for correcting or reconstructing basis as needed.
• Accurately handle basis calculations for asset contributions and distributions.
• Assess tax practitioners’ exposure and responsibilities related to basis.

Topics Covered:

• Form 7203: Reporting S corporation shareholder basis.
• Calculating basis at entity formation, including contributed property impact.
• IRS rules for partnership capital accounts and basis.
• Understanding “inside” vs. “outside” basis concepts.
• Explaining basis differences between S corporations and partnerships to clients.
• Applying basis correctly on individual tax returns.
• Understanding partnership capital accounts and their effects.

Credits and Other information:

• Recommended CPE credit – 2.0
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Update
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 120 minutes

Who Will Benefit:

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

About Our Speaker

Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. Dinesen is a regular CPE Presenter at MYCPE ONE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics. Jason has developed a strong following within the professional community for tax-related subjects. Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.