Tax Reform Impact on S Corps & Partnerships Self-Study
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. We will 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). We will 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.
Upon completion of this course, you will be able to:
- Determine and report qualified business income (QBI) information on Schedule K-1
- Summarize some of the accounting method changes available to small business taxpayers
- Determine when the business interest expense limitation does not apply
- Complete Form 8990 when business interest expense is limited at the partnership or S corporation level
- Summarize key business provisions that were modified by the CARES Act
- Analyze the partnership audit rules and certain elections the partnership can make
- Calculate partner’s outside basis in the partnership and report partner’s tax basis capital account
- Calculate S corporation shareholder’s stock and debt basis
- Compute and report the built-in gains tax
- Compare and contrast partnerships and S corporations
This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.