Introducing Partner Capital Account Reporting Webcast [CPMB]

Dec 5, 2022
Time: 08:30am-10:15am



Credit Hours:



Member: $100.00
Non-member: $150.00

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Discussion Leader:

John N. Sherrick    more info

John N. Sherrick is a partner of Sitrick & Associates, LLC in Bettendorf, Iowa. He prepares tax returns and financial statements for closely held companies and their owners. He also provides a variety of income tax, retirement, and estate-tax planning services for his clients. He also serves as an expert witness for business valuations and other tax and accounting issues. He is also a discussion leader for continuing education courses in the tax arena on a national level. John was recognized by the NCACPA as an Outstanding Seminar Speaker for 2013, and he is also the recipient of the 2011 James L. McCoy Discussion Leader of the Year Award as well as a Surgent Outstanding Discussion Leader Award. John has over 45 years of experience in public accounting with local firms. His experience includes a wide variety of tax and accounting issues for small businesses in a number of industries. He also has had experience in auditing and taxation of not-for-profit organizations on the local and national level. Sherrick received his Bachelor’s degree in Economics and Business Administration from Knox College in Galesburg, Illinois. He then received his Master’s degree in Accounting from the University of Iowa, in Iowa City, Iowa. He is licensed in both Iowa and Illinois and is a member of the Iowa Society of CPAs and the Illinois CPA Society.

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Website registration for this course closes on December 4, 2022. To register after this date please contact the society at or 907-562-4334.

Full Description

Introducing Partner Capital Account Reporting Webcast (CPMB)

December 5th, 2022 / 8:30 am 10:15 am

Live Webcast / Zoom

Tax practitioners are responsible for presenting partner capital accounts on the tax basis. But what does this mean and how does it differ from prior year rules regarding partner capital accounts? This webinar covers exactly that how the rules regarding the presentation of partner capital accounts differ from preceding years. For tax practitioners preparing 2021 partnership 1065 forms, this course explains these complex new 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 for 2021
- Beginning capital account for partnerships and partners consistently reporting on the tax basis

Learning Objectives:
-Understand how a partner determines and reports his or her tax basis capital account for 2021 and after

Designed For: Any tax practitioner who will be preparing partnership income tax returns for 2021 or 2022

CPE Credits: 2, Taxation

Level of Knowledge: Basic

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

Acronym: CPMB

Discussion Leader: John N. Sherrick