Correcting Capital Account Errors on Partnership Returns
A Comprehensive Guide to Corrections, Allocations, and True-Ups of Capital Accounts
An encore presentation with live Q&A.
A 110-minute CPE webinar with interactive Q&A
This webinar will provide tax professionals and advisers with an in-depth and practical guide to the accounting and tax disclosure requirements to correct and adjust capital account balances. The panel will focus on reconstructing capital accounts in light of the required reporting of negative tax basis capital accounts and the upcoming required reporting of all tax basis capital accounts. The webinar will also cover the interpretation of partnership agreements and guide advisers on applying partnership provisions to corrective entries and tax disclosures.
- Partnership agreement interpretation
- New required reporting of negative tax basis capital
- 2020 required reporting of tax basis capital
- Identifying capital account misstatements
- Book entries
- Tax reporting and disclosures
- Interaction with new partnership audit rules
- A case study with illustrations
The panel will discuss these and other critical issues:
- Identifying errors, miscalculations, or misstatements in capital accounts
- Determining and reporting negative tax basis capital
- Basis and capital account corrections where a valid Section 754 election was in place
- Book vs. tax-corrective adjustments
- Prior year adjustments
- Impact of new partnership audit rules
An encore presentation with live Q&A.
John M. Colvin
Colvin & Hallett
Mr. Colvin's practice emphasizes federal tax controversies and white-collar criminal defense. He is a frequent... | Read More
Mr. Colvin's practice emphasizes federal tax controversies and white-collar criminal defense. He is a frequent speaker on tax topics and chairs the ABA Taxation Section's Subcommittee for Legislative and Administrative Developments.Close
Ernst & Young
Ms. Dai advises clients on all types of U.S. partnership tax issues, with a focus on complex partnership transactions.... | Read More
Ms. Dai advises clients on all types of U.S. partnership tax issues, with a focus on complex partnership transactions. She has worked with clients throughout the life cycles of their businesses, from formation (e.g., investment structuring, partnership agreement review) to operations (e.g., allocations, capital account maintenance, tax compliance and reporting) to monetization (e.g., sale of business, IPO). Ms. Dai has advised clients through the IPO process, including IPOs and 144A offering since 2016. Other representative recent experiences include partnership taxable Income allocation modeling including Section 704(c) tracking and Section 704(b) allocation; consulting on complicated tax reform issues and tax restructures which contains Section 743(b) calculation and Section 755 allocation; constructing tax receivable agreement models for up-c structures; and consulting on Section 752 debt allocation issues.Close
Joseph C. Mandarino
Smith Gambrell & Russell
Mr. Mandarino's practice focuses on corporate, tax and finance law. He is involved with a wide variety of... | Read More
Mr. Mandarino's practice focuses on corporate, tax and finance law. He is involved with a wide variety of businesses and transactions, including experience with compliance, planning and M&A activities for partnerships, individuals and corporations. Mr. Mandarino writes and speaks extensively on a wide range of business, tax and finance topics.Close
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