Topics include:
   

• Extensive review of the partnership tax laws with an emphasis on any new legislation (i.e., The Big Beautiful Bill) including the expiration or extension of any TCJA provisions after 2025, changes to the Form 1065 (and related schedules) and income tax preparation issues
•     Overview of different forms of business entities including the check-the-box regulations
•     Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member
•     Schedule K and K-1 – preparation issues including separately and non-separately stated income and expense items (including the 20% qualified business income (QBI) deduction, 3.8% net investment income tax, business interest deduction limitations, fringe benefits and entertainment expenses)
•     Calculating the tax and §704(b) book capital accounts
•     Understand the substantial economic effect requirement to have special allocations to the partners/members
•     Allocation of recourse and non-recourse debt to the schedule K-1s
•     Deductibility of fringe benefits including health insurance premiums
•     Guaranteed payments & self-employment tax issues and pitfalls
•     Overview of how partnership losses and deductions can be limited to calculating a partner/member’s outside basis and at-risk rules
•     754 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)
•     Partnership liquidation and distribution tax ramifications at both the partnership and partner level

None