August 26, 2026

Live Webcast

2 CPE Credits

Don Farmer's Top 10 Partnership Return Issues & How to Avoid Them

August 26, 2026
Live Webcast
2 CPE Credits

Don Farmer's Top 10 Partnership Return Issues & How to Avoid Them

  • View Bio

    Instructor

    Nick
    Preusch

    View Bio

    Nick Preusch, CPA, JD, LLM, MSA

    Bio

    Nick joined YHB in 2020 with over 15 years of experience in the industry. Nick is a graduate of Carthage College with a BS in Accounting and Business, the University of Connecticut with an MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility.

    EXPERTISE

    Nick’s expertise includes helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues. He has used his tax expertise not only to serve his clients, but also his peers. He has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure and co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomas Reuters. He has also lectured nationally on topics such as ethics, complex tax transactions, and IRS practice and procedure.

Partnership taxation remains one of the most complex and high-risk areas of federal tax compliance. From basis calculations and allocation rules to disguised sales, debt allocations, and partnership audit exposure, even experienced CPAs can encounter technical pitfalls that create significant financial and professional risk. This two-hour program examines the top 10 partnership tax issues most frequently encountered in practice. Designed specifically for CPAs advising partnerships and partners, the course provides practical guidance to identify, analyze, and avoid common compliance errors under Subchapter K. Through real-world examples and application of current tax law, participants will strengthen their technical proficiency and improve the quality of client advisory services.

Learning Objectives

Upon completion of this program, participants will be able to: 1. Identify common technical errors in partnership taxation and explain their compliance implications. 2. Differentiate between outside basis, inside basis, and §704(b) capital accounts. 3. Analyze the tax impact of partnership liabilities under §752. 4. Determine when a transaction may be treated as a disguised sale under §707. 5. Apply rules governing partnership distributions and recognize when gain must be reported. 6. Evaluate the tax consequences of selling a partnership interest, including §751 hot asset treatment. 7. Explain the purpose and impact of a §754 election. 8. Recognize audit and compliance risk areas under current partnership tax rules.

Major Topics

MAJOR TOPICS • Overview of Subchapter K and common partnership risk areas
• Partner capital accounts: tax basis vs. §704(b) capital vs. book basis
• Outside basis vs. inside basis calculations
• Allocation rules and substantial economic effect under §704(b)
• Partnership liabilities and debt allocation under §752
• Disguised sales and related-party transactions under §707
• Partnership distributions (current and liquidating) and gain recognition rules
• Sale or exchange of partnership interests and §751 hot assets
• §754 elections and basis adjustments
• Overview of the centralized partnership audit regime (BBA)
• Best practices for documentation and compliance risk mitigation

CPE Credits Available

2 CPE Credits
2
Taxes

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Tax; Taxation

Prerequisites

None

Advanced Preparation

None

Provider

Don Farmer Tax Education

Register For This Event

  • MACPA Member

    $ 115 115
    Join

  • MACPA Non-Member

    $ 215 215
    Your Price

Please login to register.