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Description:

The Tax Cuts and Jobs Act (TCJA) of 2017 continues to affect most small businesses, which presents an exciting opportunity to assist your clients in maximizing their tax savings. Review the general taxation of partnerships and S corporations and learn how special provisions in the TCJA affect them by applying recently issued guidance, including modifications made by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Also review the partnership audit rules so you can make informed decisions regarding partnership audits. It’s important to understand these rules since the IRS expects to begin using the centralized partnership audit regime in 2020.

Table of Contents.

Tax Reform Impact on S Corporations and Partnerships covers:

• Determining and report qualified business income (QBI) information on Schedule K-1
• Summarizing some of the accounting method changes available to small business taxpayers
• Determining when the business interest expense limitation does not apply
• Completing Form 8990 when business interest expense is limited at the partnership or S corporation level
• Summarizing key business provisions that were modified by the CARES Act
• Analyzing the partnership audit rules and certain elections the partnership can make
• Calculating partner’s outside basis in the partnership and report partner’s tax basis capital account
• Calculating S corporation shareholder’s stock and debt basis
• Computing and reporting the built-in gains tax
• Comparing and contrasting partnerships and S corporations

Product Details:

Level: Update

Author: NATP Staff

Publisher: NATP

Publication Date: 2020

Format: Print - 214 Pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding course below.

Tax Reform Impact on S Corporations and Partnerships Self-Study Course