Form 1065 Tax Basis Capital Methods
Transactional Approach, Handling Prior Year Noncompliance, Tracking Outside and Debt Basis
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will instruct practitioners on the latest tax basis capital reporting requirements. Our panel of experts will discuss the transactional approach for tax basis capital and best practices for handling partnership returns that may not have been compliant in the past. They will also provide examples and tips for tax professionals to calculate and comply with the latest IRS capital reporting requirements.
Outline
- Capital accounts
- GAAP
- Tax
- 704(b)
- Tax allocations and substantial economic effect
- Examples
- Reporting tax capital accounts
- Other issues
Benefits
The panel will cover these and other critical issues:
- Tracking capital for tax return reporting versus total basis for partners, including Section 743(b) adjustments and debt
- Using the transactional approach to calculate annual partnership capital account changes
- Practical solutions for handling partnership returns that were noncompliant in the past
- Current guidance for reporting capital balances with Form 1065 instruction guidelines
Faculty
Michael W. Hurwitz, CPA, MST
Partner
Withum Smith+Brown
Mr. Hurwitz brings more than 35 years of experience and a versatile set of skills acquired through working for... | Read More
Mr. Hurwitz brings more than 35 years of experience and a versatile set of skills acquired through working for both public and private companies in the real estate sector. His industry knowledge spans a vast number of areas including real estate tax issues, public and private real estate investment trusts (REITs), opportunity funds, portfolio restructurings, acquisitions and dispositions, partnership taxation and core tax compliance matters. Mr. Hurwitz has been involved in a variety of negotiations including structuring and implementing strategic transactions, tax due diligence assignments, mergers and acquisitions and many other special tax and non-tax projects.
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Brian T. Lovett, CPA, JD
Partner
Withum Smith+Brown
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.
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