Mastering BizTax: Partner Allocations (ProConnect) | EPISODE 19 | Bordeless Accountants

Описание: Hi KaBAbayans! This session is very straightforward and minimally edited to avoid cutting out important details. Tune-in and happy upskilling!

CHAPTERS
0:00:05 - 0:00:33 Welcome & Invitation to the Borderless Accountants Community (Free Training!)
0:00:34 - 0:00:48 Intern Opportunities & Real-Time Course Monitoring
0:01:09 - 0:01:37 Troubleshooting Dissolved Partner's Capital Account and Inputting Other Decrease in ProConnect
0:01:48 - 0:02:47 Discussion on Intangible Assets (Licenses/Health) and Amortization on the Balance Sheet
0:04:04 - 0:06:26 Comparing ProConnect and Chris's Output for Intangible Assets and Seeking a Zero-Out Solution
0:07:09 - 0:11:04 Reviewing Total Liabilities and Capital vs. Other Assets for Balance Sheet Reconciliation
0:11:07 - 0:13:28 Reclassification vs. Amortization for Intangible Assets (Moving from Intangible to Other Assets)
0:13:39 - 0:14:40 Locating and Inputting "Other Decrease" (Partner Withdrawal) on the M2 Capital Account
0:15:46 - 0:16:32 Special Allocation for the Dissolved Partner (Claudia) to Zero Out the Capital Account
0:16:33 - 0:24:50 The Intangible Asset (License/Health) Issue: Reclassification to Other Assets in 2024 vs. 2023 Amortization
0:25:52 - 0:34:37 Detailed Guide on Inputting Partner Capital Accounts, Withdrawals, and Special Allocations in ProConnect
0:34:59 - 0:38:15 Allocating Ordinary Loss and Partner Withdrawals (Basis on Chris's Output)
0:38:15 - 0:41:01 Discussion on Potential Rounding Error for Ordinary Business Income/Loss on K-1
0:41:03 - 0:46:27 Identifying and Allocating Non-Recourse Liability (Share of Liabilities)
0:46:58 - 0:50:09 Applying New Partnership Rate (Column G) for Liability Allocation
0:50:11 - 1:07:09 Detailed Input of Partner Non-Recourse Liability Amounts and Troubleshooting (Matching with Chris's File)
1:07:09 - 1:09:00 Reviewing K-1 to confirm Non-Recourse Liability Balance
1:10:51 - 1:11:51 Troubleshooting Disregarded Entity Status for a Partner and its impact on Form 1065
1:16:01 - 1:29:39 Inputting Beginning Balances into the Partner Basis Worksheet