Reconciling GAAP Basis and Tax Basis in Partnership Income Tax Returns and K-1 Schedules
704(b) Book-Ups, Impact of Negative Tax-Basis Capital Reporting Requirements
Note: CLE credit is not offered on this program
A live 110-minute CPE webinar with interactive Q&A
This webinar will provide tax preparers and compliance professionals serving partnerships 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, current negative tax-basis capital reporting requirements, and the impact of the 2020 requirement to report capital on a tax-basis. The webinar will also 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 recent IRS tax basis capital reporting requirements
- 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 are required in cases of an underpayment assessment by the IRS?
- Which partners are impacted by the recent negative tax basis reporting requirements?
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
to be announced.
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