Correcting & Reconstructing Partner Basis

2 IRS CE/CTEC/NASBA CPE*

This course reviews accurate reporting, correcting, and reconstructing for partner basis. Individual and business tax preparers should review some critical basis miscalculations and identify clients with these issues and how to fix them. See how incoming or exiting partners and LLC members' accounts are handled plus basis issues when an entity closes or distributes assets. We'll also cover two very common matters affecting partner basis related to how businesses reported ERC refunds and PPP loans on the entity tax returns. These entity reporting errors cause basis to be understated, often by substantial amounts. We'll also discuss IRS guidance and compliance issues related to historical basis errors and potential fixes.

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*Self-Study recording available for IRS CE Credit only (NO CPE)

NASBA Field of Study: Taxes

IRS Program #: 7Q3WU-T-00967-26
CTEC Course #: 6248-CE-00328