Partner Basis and New IRS Form 7217
Do you know your client's basis in their partnership interest? Do you get the usual blank stare from a new client when you ask them for their basis in their partnership interest? The IRS has opened a whole new office to audit partner basis with a team of specially trained auditors. It is the partner's responsibility to maintain their partnership basis, not the partnership's responsibility. It is not their capital account! We will review how basis is calculated for partners. The IRS just issued Form 7217 for partners who receive noncash distributions from their partnership. We will review how basis is allocated for property that is distributed to the partner. The IRS is focusing on partner basis in their audits since losses cannot be claimed when basis goes to zero.
"Our best deal is always to become a monthly subscriber"
*Self-Study recording not available for NASBA CPE credit.
IRS Program #: 7Q3WU-T-00706-25
Larry Pon
,
CPA/PFS, CFP, EA, USTCP, AEP
Larry has been a tax professional since 1986 with a tax planning, preparation, and representation practice in Redwood Shores, CA. Larry enjoys speaking about tax to tax and financial planning professionals. Larry received his BS in Business Administration with emphases in Accounting and Finance from UC Berkeley and MS in Taxation from Golden Gate University.
Recommended Webinars
Partner Basis and New IRS Form 7217
2 IRS CE/2 NASBA CPE*
Do you know your client's basis in their partnership interest? Do you get the usual blank stare from a new client when you ask them for their basis in their partnership interest? The IRS has opened a whole new office to audit partner basis with a team of specially trained auditors. It is the partner's responsibility to maintain their partnership basis, not the partnership's responsibility. It is not their capital account! We will review how basis is calculated for partners. The IRS just issued Form 7217 for partners who receive noncash distributions from their partnership. We will review how basis is allocated for property that is distributed to the partner. The IRS is focusing on partner basis in their audits since losses cannot be claimed when basis goes to zero.
Work Authorization, SSN Validity, and Refundable Credits: The Impact of the One Big Beautiful Bill Act (OBBBA) for Tax Year 2025
1 IRS CE/CTEC/NASBA CPE
Presented By: Ruben Valdes, EA Jason Daughtry, EA Michael Shakarchi, EA Michael Wallace, EA John Sheeley, EA
Work Authorization, SSN Validity, and Refundable Credits: The Impact of the One Big Beautiful Bill Act (OBBBA) for Tax Year 2025Employment Tax Controversies—Part II
3 Free NY & NJ CLE, CPE and IRS CE/NASBA CPE Credits
Stay current on Employee Retention Credit updates, settlement and voluntary disclosure programs, and criminal tax case studies, while exploring pro bono opportunities with NYCLA, ABA Tax Court, and low-income tax clinics.
Employment Tax Controversies—Part II2026 Frank Agostino Kostelanetz LLP Series
Varies
EMPLOYMENT TAX CONTROVERSIES – PART I EMPLOYMENT TAX CONTROVERSIES – PART II
2026 Frank Agostino Kostelanetz LLP SeriesExcise Taxes After SECURE 2.0: Reporting Relief on Form 5329
2 IRS CE/2 CTEC/2 NASBA CPE
Learn how to correct common IRA errors, including overcontributions, missed RMDs, early distributions, rollovers, and prohibited transactions, while navigating SECURE 2.0 updates to minimize or avoid excise taxes.
Excise Taxes After SECURE 2.0: Reporting Relief on Form 5329Ellie Jones with When X Never Ever Marks the Spot: AI Prompts - Part 3 of the series
2 IRS/2 CTEC/NASBA CPE Available
This three-part Research Methodologies course teaches tax professionals to become research-literate, with hands-on exercises and expert guidance on using AI for tax work, review, and cybersecurity best practices.
Ellie Jones with When X Never Ever Marks the Spot: AI Prompts - Part 3 of the seriesTax Professional Due Diligence 2026 with Jason Daughtry
2 IRS Ethics CE
This comprehensive course equips tax professionals to master IRC §6695(g) due diligence requirements, avoid IRS penalties, and confidently handle EITC, CTC, AOTC, and HOH claims with practical tools, case studies, and compliance strategies.
Tax Professional Due Diligence 2026 with Jason DaughtryThe Final Ledger: C Corp Balance Sheets, E&P, and Dissolution Decisions
2 IRS CE/2 CTEC/2 NASBA CPE
This webinar teaches tax professionals how to accurately report and record C Corporation sales or dissolutions, navigate compliance risks, plan tax-efficient distributions, and prepare complete final returns and balance sheets for shareholders.
The Final Ledger: C Corp Balance Sheets, E&P, and Dissolution DecisionsFrom Shoebox to Shareholders: Pen to Paper 1120
2 IRS CE/2 CTEC/2 NASBA CPE
This program guides tax professionals through accurate and compliant preparation of Form 1120 for C corporations, covering TCJA rules, OBBBA updates, Schedules M-1 and M-2, and common high-risk tax issues like shareholder contributions, inventory, and retained earnings.
From Shoebox to Shareholders: Pen to Paper 1120Form 3520: Foreign Trust and Receipt of Certain Foreign Gifts
2 IRS CE/2 NASBA CPE*
This webinar equips tax professionals to navigate complex IRS rules for foreign trusts and gifts, covering Form 3520/3520-A compliance, trust classification, reporting thresholds, tax implications, and penalties to ensure accurate international tax reporting.
Form 3520: Foreign Trust and Receipt of Certain Foreign Gifts
Hmm...nothing here yet.
