Course Description

Whether you are an experienced veteran or new to the industry, one of the toughest parts of being a tax practitioner is keeping up with all of the changes in tax legislation. The Keeping Up with the Tax Code series takes a look at recent changes to tax law from a practitioner perspective. We don’t just hurl code sections at you without explanation. Using examples, problems, and plain explanations, we explore a mix of new tax issues and areas of the code that tend to be misunderstood in a practical and straight-forward way. In this session, we will explore the differences in the basis calculation between S-Corps and partnerships. We will also explore when an owner may have debt basis.

Learning Objectives

  • State the differences between basis calculations for a partnership and an S-Corporation

  • Identify when debt increases basis in an S-Corporation and partnership

  • Recall the effects of PPP loan forgiveness on S-Corporation shareholder basis and partnership basis

Additional Required Materials

  • Level: Update

  • Field of Study: Taxes (NASBA); Tax Planning (CFP); Federal Taxation (IRS)

  • Who Should Attend: CPAs, EAs, and Financial Advisors who advise on Individual and pass-through income tax issues.

  • Required Knowledge: Basic knowledge of federal individual and pass-through income taxation

  • Advanced Prep: None

Instructor

CPA, CPCU, MST, MBA David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees and contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.