Tax Reform And Partnerships: What CPAs Need To Know Now About Massive Changes In 2018 - Changes In Pass-Through Rate, Active Loss Limitations And More In The New Tax Reform Law

Webinar: ID# 1028830
Recorded CD or On-Demand
About This Course:
This webinar will provide partnership tax advisers and compliance professionals with a critical first look at the practical impact of the new tax overhaul/reform legislation passed by Congress in December 2017 on partnerships and LLCs. The panel will detail the specific changes the new law makes to pass-through income tax rates, carried interest and loss limitation provisions, discuss the impact of other general business tax provision changes on partnership entities, and offer concrete guidance on what steps partnership tax advisers and preparers should take now to achieve beneficial tax results and avoid potential pitfalls.

The tax reform act represents the most sweeping change to the U.S. income tax code in over 30 years. The impact on business entities set up as partnerships will be particularly acute, with changes to rates, deductions and loss allowances for most pass-through entities. For tax advisers and compliance professionals serving partnerships, the new law creates both significant opportunities and challenges.

The law alters the treatment of partnership pass-through income. The Act provides a 20% deduction rate on qualified income from a partnership, subject to wage limitations. Most professional service partnerships, such as attorneys and accountants, are not eligible to claim the deduction. The Act also imposes an active loss limitation on partnerships for the first time, and extends the hold period on carried interest from one year to three years.

In addition to the provisions specific to pass-through entities, the Act makes several changes that will impact many partnership businesses. The new law eliminates NOL carry-backs but extends the carry-forward period indefinitely. It also limits business interest deduction amounts and restricts tax gain deferral under Section 1031 to exchanges of real property only.

Listen as our experienced panel provides a critical first look at the partnership and LLC implications of the tax reform law, enabling tax advisers to get a grasp on the impact of the new law on partnership clients.

    Partnership and pass-through provisions and changes in new tax law
    • New deduction on qualified business income
    • Active loss limitations
    • Extension of hold period on carried interest to three years
  • Mechanics of new qualified business income deduction for pass-through entities
    • W-2 wage test
    • Separate business line determinations
    • Determined at owner level
    • Eligible pass-through income
  • Other business provisions and changes that will impact partnerships and LLCs
    • Business interest deduction limitation
    • Changes to deferral treatment of like-kind exchanges
    • Elimination of NOL carry-back and extension of carry-forward period
  • Planning steps in light of a Dec. 31, 2025, sunset provision

The panel will address these and other important questions:
  • How the 20% deduction for qualified business pass-through income works
  • Critical provisions and changes in the new tax reform law for partnerships and LLCs
  • How changes to other business tax provisions will impact partnerships and other pass-through entities
  • Planning considerations in light of Dec. 31, 2025, sunset provision
How To Access Course And Materials

Handout materials and the phone number for live presentations are made available to you one day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CDs will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.

Continuing Education Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. To obtain CPE credit, attendees must participate in the live event (recorded versions do not qualify for credit), return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Strafford will mail a certificate of credit within approximately two weeks of receiving your completed Official Record of Attendance, provided all required conditions have been satisfied.

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
Tax Reform And Partnerships: What CPAs Need To Know Now About Massive Changes In 2018 - Changes In Pass-Through Rate, Active Loss Limitations And More In The New Tax Reform Law
Available on CD or On-Demand formats
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