Program Overview
November 21, 2024 | 12:30 pm - 4:00 pm, Pacific |In person
Hosted by Sacramento Valley
Speaker Alan PInck, EA, NTPI Fellow
Description
There are many considerations that a tax practitioner must consider when their client closes or relinquishes their stake in a business. In this class we will talk about the tax reporting of a business sale and how to calculate and report basis in a partnership.
In this session, we’ll be looking at the more complex reporting required for ending a business. When business owners decide to retire or move on to other ventures, in most cases they have something to sell. In other cases, instead of selling, the owners may simply walk away from their assets. We will discuss how to handle both sale and abandonment transactions.
Regarding partnership basis we will go over how to calculate your clients' outside basis (tax basis) in their partnership interest. The basis in the partnership interest is important to know in order to be sure of the proper tax treatment if anything passed through to the partner.
Learning Objectives
1) Learn what to look out for when business owners are selling or otherwise disposing of their business interests.
2) Learn how to properly report various aspects of business sale or closing transactions.
3) Learn how get accurate partnership basis from the beginning.
4. Learn what types of partnership transaction are taxable and how to report things correctly on a K-1.
Learning Level Intermediate
Prerequisites & Advance Preparation None
Continuing Education
IRS: 4 hours Federal Tax Topics | CTEC: 4 hours Federal Tax Topics | CA Bar: 3.50 hours Taxation Law (Self-Reporting) | CPA CA: 4 hours Taxes (Self-Reporting)
Pricing
Member: $100 | Non-Member: $150
In-Person Details
CSEA Office
3200 Ramos Circle
Sacramento, CA 95827
(Space is limited. We strongly recommend early registration.)
Menu: Coffee, Water & Light snacks will be provided.
Agenda
- 12:00 PM: Registration
- 12:30 PM: Education Program Begins
- 2:10 PM: Break
- 2:20 PM: Education Program Resumes
- 4:00 PM: Education Program Ends
Cancellation/Refund Policies
Written requests for refund or credit forward of chapter meeting fees will be accepted if received within three (3) business days prior to the education event. Refund or credit forward is not available for “no-show” registrants. Please contact sacvalleyeducation@gmail.com for refunds and cancellation requests.