Basics of Entity Basis

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$60 – Non-Members
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PROGRAM DESCRIPTION: BASICS OF ENTITY BASIS FEATURING FORM 7203

Pass-through entity owner basis is vital for three reasons: First, flow-through entity owners may only utilize losses to the extent of the basis in entity. In addition, when an owner sells their ownership interest, basis in the flow-through entity helps determine the gain or loss resulting from the sale. Lastly, the flow-through entity owner’s basis will, in part, determine the taxability of any distributions to the pass-through entity owner.

Prerequisites: Basic knowledge of taxation of business entities

Program Level: Intermediate

Learning Objectives:
-Discover the importance of determining basis and updating it each year
-Learn what transactions of the entity increase and decrease the owner's basis
-Understand the new Form 7203
-Discover ordering elections which can reduce client's tax liability

ABOUT THE PRESENTER

John Sheeley, EA began his career in the tax industry in 1987, passing the IRS special enrollment exam in 1995. His career includes 13 years as a multi-unit franchisee of a national tax firm and 5 years as a tax manager at a regional CPA firm in New York. A National Tax Practice Institute fellow, John completed his undergraduate education at the State University of New York at Oswego. John formed his current tax services firm in 2008, with a focus on the tax and representation needs of U.S. citizens living abroad, and non‐resident alien entrepreneurs and entertainers living and working in the United States. The Firm prepares the occasional cannabis industry and crypto currency tax return. John is also the founder of Tax Practice Pro, Inc, a national continuing education provider based in Chester, New York.

REFUND POLICY
Refunds will be honored if written notification is received at the Administrative Office within 5 business days of the webinar. A processing fee of $25 will be deducted from the refund. Cancellations within 5 business days of the webinar will not be accepted. Substitutions are allowed if received 48-hours prior to the start of the webinar. "No shows" forfeit their fees.

CANCELLATION
VASEA reserves the right to cancel any program or course for circumstances that are not under direct control of VASEA. If a course or program is cancelled, registrants will be notified via email at the address listed on their registration form.

COMPLAINT RESOLUTION
For more information regarding refund, cancellation and complaint policies, please contact VASEA Administrator, Heather Greenwell at admin@vasea.org or call (804) 723-5888.

Virginia Society of Enrolled Agents 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. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Questions
Contact Heather Greenwell, CAE, VASEA Administrator, at (804) 723-5888.