Guide to Partner Capital Account Reporting Webcast [CPMB]

Aug 5, 2024
Time: 08:30am-10:20am



Credit Hours:



Member: $120.00
Non-member: $150.00

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Discussion Leader:

Joseph Nicola, CPA    more info

Joe Nicola is a Tax Partner with more than thirty-five years of experience in public accounting. Joe has experience in many diverse areas of taxation, including the taxation of and planning for individuals, family offices, and various forms of business entities, such as corporations, partnerships, and limited liability companies. Joe is particularly experienced in federal and multi-state tax matters that affect numerous industries and niches, including private equity, investments, natural resources, manufacturing, distribution, high technology, securities, and start-up businesses. He has consulted on technically complex matters, such as retirement planning, succession planning in the context of a family office, securities, partnership and corporate reorganizations and liquidations, and international tax matters. While in public practice, Joe also served for many years as an adjunct member of the faculty with Duquesne University's MBA and Master of Science in Taxation/Accountancy programs, as well as with Robert Morris University's Master of Taxation program. His course load included Corporate Taxation, Advanced Corporate Taxation, Reorganizations (Mergers and Acquisitions), Taxes as a Basis of Managerial Decisions, and Taxation of Derivatives. He is also a published author of CPE/CLE texts and industry articles, and a frequent professional speaker. Mr. Nicola received his BS degree in Business Administration from Robert Morris University and his JD degree from the University of Pittsburgh School of Law.

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Website registration for this course closes on August 4, 2024. To register after this date please contact the society at or 907-562-4334.

Full Description

Guide to Partner Capital Account Reporting Webcast (CPMB)

August 5th, 2024 / 8:30 am 10:20 am

Live Webcast / Zoom

Tax practitioners are responsible for presenting partner capital accounts on the tax basis. But what does this mean and how have rules changed in recent years regarding partner capital accounts? This course covers exactly that. For tax practitioners preparing partnership 1065 forms, this course explains these complex rules in practical and understandable terms.

Major Topics:
- How a partners outside basis and capital account differ
- Reconciling Schedule M-2 Form 1065 with Partnership K-1 Schedule L
- IRS requirement to report partner tax basis on the transactional approach
- Implications if a capital account is negative
- Deficit restoration accounts and qualified income offsets
- Modified outside basis method and modified previously taxed capital method
- Determining a partners beginning capital account
- Beginning capital account for partnerships and partners consistently reporting on the tax basis
- The two types of adjustments under 754 and how 743 and 734 require different capital account presentations

Learning Objectives:
- Understand how a partner determines and reports his or her tax basis capital account

Designed For: Any tax practitioner who will be preparing partnership income tax returns

CPE Credits: 2, Taxation

Level of Knowledge: Basic

Prerequisite: Basic understanding of tax rules relating to partnerships and partners

Acronym: CPMB

Discussion Leader: Joseph P. Nicola, Jr. JD, CPA, CVA