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
Recording of a 110-minute CPE webinar with 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?
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
Brian T. Lovett, CPA, JD
Mr. Lovett has extensive experience serving the tax needs of both public companies and closely-held businesses,... | Read More
Mr. Lovett has extensive experience serving the tax needs of both public companies and closely-held businesses, including all aspects of tax compliance for partnerships and corporations. He advises clients with regard to the structure and tax consequences of new business ventures, and assists with restructuring existing businesses for increased tax efficiency. Prior to joining his firm, he was with a “Big 4” accounting firm, working closely with large, multinational real estate investment companies.Close
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