Key Responsibilities
Inside and Outside Basis Calculations – Accurately compute and track partners' inside and outside basis, ensuring compliance with partnership tax rules.
Reverse 704(c) Allocations – Prepare and analyze reverse 704(c) allocations to ensure proper income, deduction, and tax liability distribution among partners.
754 Elections – Manage the preparation and implementation of 754 elections, including step-up basis adjustments and tracking.
Partnership Tax Compliance and Advisory – Prepare and review partnership tax returns (Forms 1065, Schedule K-1) and provide strategic tax planning advice to clients.
Template and Process Development – Bring in and implement effective templates and workflows to streamline partnership tax calculations and improve efficiency.
Client Management – Serve as a key contact for partnership tax clients, providing insightful guidance and fostering long-term relationships.
Technical Research and Updates – Stay updated on changes in partnership tax regulations and ensure firm compliance with current tax laws.