Checkpoint Learning

Checkpoint Learning

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Partnership in Focus - Inside Deals: Partners Doing Business with Their Partnerships   New

CATEGORY: Taxation
COURSE ID: W859T, VERSION 1.00
  Webinar
2 CPE Credits
Level: Intermediate
Partners aren’t employees—and that changes everything. Partnerships have a unique tax relationship with their partners or members, and those differences affect everything from self-employment tax to fringe benefits and the 199A deduction. Inside basis and outside basis may not match depending on elections like IRC 754, and those differences ripple through both the 1065 and the partner’s 1040. Navigating these complexities is key to accurate reporting and avoiding surprises when partners are actively doing business with their own entities.

The Partnerships in Focus series includes three topic areas covering core issues in partnership taxation. Each session can be taken together or independently.
  • Building the Partnership: Formation and Forever Ties (W857T)
  • Distributions Demystified: Who Gets What and Why (W858T)
  • Inside Deals: Partners Doing Business with Their Partnerships (W859T)
Inside Deals: Partners Doing Business with Their Partnerships 
This discussion will focus on how tax rules apply when partners do business with their own partnerships. We’ll cover how partnerships must distinguish between service and non-service partners, particularly when determining self-employment tax, compensation, and fringe benefit treatment. The session will also examine how elections like IRC 754 can create differences between inside and outside basis, impacting both planning and reporting. Topics for this session will include proper reporting of IRC 199A information, special considerations for property distributions, the impact of IRC 751 (Hot Assets) on terminating distributions, and more.

Who should attend: Tax professionals and advisors who work with partnerships or LLCs and want a clearer understanding of how to treat compensation, fringe benefits, and distributions when partners are actively involved in the business. This session is especially valuable for those preparing Forms 1065 and 1040 or advising clients on the tax impact of internal transactions.

THIS WEBINAR IS NOT ELIGIBLE FOR CTEC OR CFP CREDIT. 

Instructor: Rick E. Oelerich, LPA, EA
Instructor assignments are fluid and subject to change.

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