Mastering Basis Issues for S Corps, Partner. & LLCs Webcast [HMB4]

Aug 24, 2021
Time: 12:30pm - 4:00pm



Credit Hours:



Member: $150.00
Non-member: $225.00

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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 23, 2021. To register after this date please contact the society at or 907-562-4334.

Full Description

Surgent's Mastering Basis Issues for S Corporations, Partnerships & LLCs Webcast (HMB4)

August 24th, 2021

The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules. This course is designed to focus on the practical applications of these rules.

Major Topics Covered:
-Applicable coverage of any basis considerations within the Tax Cuts and Jobs Act, or other recent tax legislation enacted before the presentation
-Discuss new pass-through basis calculations required as attachments to certain individual returns
-Excess business losses and the NOL updates made by the CARES and Tax Relief Acts of 2020
-The new tax basis reporting requirement for partnerships and 2020 presentation changes made to Forms 1065 and 1120-S Schedule K-1
-How 179 limitations affect basis and how the tax-benefit rule is applied
-S corporations: Beware of final IRS regulations regarding open debt of S corporations; understand the effect of stock basis and debt basis and IRSs recent focus on at-risk basis for shareholders; recognize how AAA applies or does not apply to certain S corporations; learn to apply the complex ordering rules and special elections that can have a big tax result; become aware of when you can have a taxable dividend in an S corporation; understand distributions of cash and property and post-termination transition rules, and temporary new TCJA post-termination rules for eligible corporations
-LLCs and partnerships: Learn the detailed rules of 704 for preventing the shifting of tax consequences among partners or members; determine how to calculate basis under both 704 and for at-risk under 465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; review 754 step-up in basis rules; and learn how TCJA cleans up the basis treatment of charitable contributions and foreign taxes paid

Learning Objectives:
-Determine initial basis and organizing tax-free under 351 and 721
-Discuss what affects basis and how to treat distributions
-Pass the loss limitation hurdles to deduct pass-through losses

Designed For: CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues.

CPE Credits: 4, Taxation

Level of Knowledge: Intermediate

Prerequisite: Experience in business taxation.

Acronym: HMB4

Discussion Leader: Joseph Nicola, CPA