This webinar will look and the in's and out's of basis for S Corps and partnerships.
This webinar will look and the in's and out's of basis for S Corps and partnerships. Along with the importance of properly calculating basis. We will start with S Corps and determine how to calculate the basis in an S Corp interest, along with ordering elections for properly calculating basis. Then we will look into partnerships and after determining the difference between inside and outside basis, we will look at how basis is calculated for a partnership in order to determine things like the amount of loss that is deductible or if any distributions are taxed.
Field of Study: Taxes
Nick Preusch’s primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation. He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases. Nick co-authored Tax Preparer Penalties and Circular 230 Enforcement, a textbook published by Thomson Reuters. He has also been published in the AICPA’s Tax Advisor and Journal of Accountancy along with CCH’s Journal of Tax Practice and Procedure. In 2017, he was named one of the VSPCA’s Top 5 Under 35. In 2018, he was named to CPA Practice Advisor’s Top 40 Under 40. In 2018, he was part of the AICPA’s New Face of Tax ad campaign. Nick is a licensed attorney in New York and a Certified Public Accountant in Virginia. He earned an LLM in Taxation from Georgetown University, a JD from Case Western Reserve University, and an MS in Accounting from the University of Connecticut.
