How New Partnership Rules Impact Basis Shifting and Tax Strategies
2.00 Credits
Member Price $109
Non-Member Price $139
Overview
With recent updates to partnership tax regulations, including adjustments to the rules surrounding the allocation of income, deductions, and credits among partners, businesses and individuals must adapt their strategies to remain compliant while maximizing tax efficiency. This session explores the significant changes in partnership taxation and their implications for tax planning, with a focus on "basis shifting," allowing partners to adjust the tax basis in their partnership interests to reduce taxable gains or maximize deductions.
**Please Note: If you need credit reported to the IRS for this IRS-approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.
Highlights
- Overview of new partnership taxation rules
- Explore the new Form 7216, Multi-Year Reporting related to Section 355 Transactions
- Tax benefits of “basis shifting”
- Discuss Form 8308, reporting the sale of exchange of partnership interest
- Partnership allocation and profits interest
- Self-employment tax
- Provide planning partnership taxation planning strategies
Prerequisites
Basic working knowledge of partnership taxation
Designed For
CPAs in public practice and members in industry seeking a better understanding of partnership taxation rules
Objectives
- Identify changes in partnership taxation
- Apply new rules to optimize tax structures and ensure compliance
- Apply planning strategies and review potential pitfalls
Preparation
None
Leader(s):
Leader Bios
Douglas Van Der Aa, Federal Tax Workshops
Doug Van Der Aa, CPA, J.D., has been a discussion leader for Federal Tax Workshops, Inc., for the past 10 years. He has extensive experience in leading discussions in conferences, seminars and webinars. Doug has over 20 years of experience, including tax practice in CPA firms and the practice of transactional business and real estate law as an attorney. Formerly, Doug was a tax manager with Hungerford, Aldrin, Nichols & Carter, P.C. in Grand Rapids, Michigan, where his practice concentrated on the tax needs of mid-sized closely held businesses, with their related pass-through entities, complex individual returns including AMT issues, together with their estates and trusts.
Non-Member Price $139
Member Price $109