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Webinar

Reviewing Partnership Tax Returns: What Are You Missing?

If you have questions about this event, please call us at 952-831-2707.

Wednesday, Jan. 22, 2025
Noon-4 p.m. Central
4 CPE (4 technical)  |  4 Yellow Book

Course code: 24WI-0584
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The partnership section of the Internal Revenue Code is arguably one of the most complicated. That complexity, and the reliability of tax software to properly handle it, can create many issues for you and your staff when processing your client's LLC and partnership tax returns. Join us as we discuss the common errors practitioners make on partnership tax returns that are often missed by review staff. The intent is to sharpen skills for reviewers by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires additional analysis and information. Multiple issues will be discussed, including income, deductions, K-1 reporting, and K-2 and K-3 reporting. This course follows a highly illustrative case study format to increase participant comprehension and retention.

Major subjects

  • Form 1065
  • Schedules K and K-1
  • Schedules M-1 and M-2
  • Form 4562
  • Form 4797

Learning objectives

  • Identify common mistakes made on partnership tax returns
  • Calculate the balance in the partners' capital accounts and enter the results on Form 1065 and on the Schedules K-1
  • Identify the purposes of Schedules L, M-1, and M-2
  • Recognize the tax treatment, both at the partner and the partnership level, of guaranteed payments to a partner
  • Identify and report Section 1202 gains on Form 1065
  • Determine the ordinary loss to the partners from the sale of Section 1244 stock
  • Determine how installment sales are taxed and disclosed by partnerships
  • Determine book value following a revaluation of LLC or partnership assets
  • Determine strategies to avoid making mistakes on partnership tax returns

Who should take this program?

  • Partners and managers in CPA firms; experienced CPA staff

Pricing

Standard Member Fee $213.00
checkmark Standard Nonmember Fee $261.00

MNCPA members save $48.00. Become a member.

Our records indicate you are a nonmember. If you register, you will be charged $261.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

More program information

Instructor Deborah Phillips, CPA, MST
Location Online
Area
of study
Taxation
Field(s)
of study
Taxes - Technical (4.0)
Level Intermediate
Format Group Internet Based
Sponsor AICPA
NASBA ID#: 112891
Prerequisites Prereq. Basic knowledge of partnership taxation
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business days before the event start date.
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If you have questions about this event, please call us at 952-831-2707.