Overview

If you work in taxation and want to understand how partnerships are taxed in the U.S., this course is for you. We will break down the important rules and concepts you need to know under the Internal Revenue Code (IRC), using simple explanations and real-world examples.This course covers everything you need to know about U.S. partnership taxation. You will learn about the new audit rules for partnerships introduced by the 2017 Tax Cuts and Jobs Act (TCJA). We will also explain how partnerships report income and expenses, how distributions are made to partners, and how flow-through taxation works.You will gain a clear understanding of family partnerships and the special tax rules that apply to them. We will explain guaranteed payments, contributions of property and services to a partnership, and how to calculate a partner's basis. The course also covers what happens when a partnership is formed, dissolved, or cancels debts.In each video, you will explore important topics step-by-step:How the new partnership audit rules workHow partnership income, expenses, and distributions are taxedHow family partnerships are handled under tax lawHow partners contribute property and services to a partnershipHow to calculate and adjust the partner's basisHow partnerships are formed, dissolved, and auditedKey filing deadlines, penalties, and audit noticesBy the end of this course, you will understand how U.S. tax law treats partnerships and will be ready to apply this knowledge in your tax practice. Whether you work with partnerships already or are preparing to do so, this course will give you the confidence you need.

Skills

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