Reconciling GAAP Basis and Tax Basis in Partnership Income Tax Returns and K-1 Schedules
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course 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 and the current tax-basis capital reporting requirements. The webinar will also detail the particular challenges in tying book-to-tax income in partnerships with distribution-based operating agreements with targeted allocations.
Outline
- 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
Benefits
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 tax basis reporting requirements?
Faculty
![Hurwitz, Michael](/img/t/57842f4c1f349e64c6a67e1e44028ded.jpg)
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.
Close![Lovett, Brian](/img/t/11dc08a9ace6e79e2e4f09923d8e5e9b.jpg)
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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CPE credit is not available on downloads.
CPE On-Demand