Partnership and S-Corp Basis

Partnership and S-corp basis is the boogeyman in the closet for many tax professionals — they are afraid of it, so they ignore it and hope for the best, but new basis reporting requirements on Form 7203 now require tax preparers to face this problem. In reality, there is nothing to be afraid of! Taxpayers who do not properly track basis risk either losing massive deductions or overstating their allowable losses in a given year.

We will break down the entire process and show you how to easily calculate the basis in your individual tax clients’ partnerships and S-corps. We will explain strategies taxpayers should consider as they operate their business to ensure they have sufficient basis to take losses, as well as learn what it means to be “at-risk” and whether you really need to track both basis and “at-risk”.

Course numbers:
IRS: UD2VU-T-00139-22-S
CTEC: 1008-CE-1164