Reconciling GAAP Basis and Tax Basis in Partnership Income Tax Returns and K-1 Schedules
704(b) Book-Ups, Potential Impact of IRS Centralized Audit Regime on ASC 740 Reporting for Partnerships
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide tax preparers and compliance professionals serving partnerships and LLCs with a robust and practical guide to reconciling GAAP and tax basis accounting in preparing partnership income tax returns and K-1 schedules. The panel will discuss complex book-to-tax adjustments specific to partnerships, outline the impact of recent tax reform on partnership accounting, and detail the particular challenges in tying book-to-tax income in partnerships that have distribution based operating agreements with targeted allocations.
- GAAP basis financials reported on K-1
- Critical differences between GAAP and tax basis
- ASC 740 for partnerships
- Tying back Section 704(b) books to GAAP and tax basis schedules
- Impact of IRS centralized partnership audit regime change on GAAP allocations
The panel will discuss these and other relevant topics:
- What are the most common partnership reconciliation items between GAAP and tax basis?
- How does the presence of a distribution-based partnership operating agreement impact the reconciliation between GAAP, tax basis and IRC 704(b)?
- Impact of the Section 199A deduction on GAAP basis reporting on partners’ K-1 Schedule
- What GAAP adjustments will be required in cases of an imputed underpayment assessment by the IRS?
Jeffrey N. Bilsky
Partner, National Tax Office
Mr. Bilsky has more than 20 years’ experience providing tax services to private equity investment funds, capital... | Read More
Mr. Bilsky has more than 20 years’ experience providing tax services to private equity investment funds, capital management investors, complex operating partnership and corporate ventures, REITs, and commercial real estate companies. He has expertise in structuring partnership fund groups and modeling complex partnership calculations such as Section 752 liability allocations, Section 704(c) allocations, and maintenance of Section 704(b) capital accounts.Close
Thomas A. Orr, CPA
Mr. Orr has over nine years of experience in public accounting with both regional and national firms. His experience is... | Read More
Mr. Orr has over nine years of experience in public accounting with both regional and national firms. His experience is focused on S corporations and partnerships. He has expertise in complex partnership calculations including Section 704(b) capital account maintenance, Section 704(c) allocations, and Section 752 liability allocations. Mr. Orr has also published articles on a variety of topics including Section 743(b) adjustments in multi-tier partnerships, Section 336(e) elections for S corporation targets, and aggregation rules under Section 199A.Close