Webinar

Hands-On Tax Return Workshop: Partnerships and LLCs (Form 1065)

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This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of partnership, limited liability company (LLC) and limited liability partnership (LLP) taxation. A cornerstone of this course is the preparation of the Form 1065 using a fairly complex trial balance common to most partnership, LLP and LLC income tax returns.

Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Major subjects

• Extensive review of the partnership income tax laws with an emphasis on any new legislative changes
• Comparison of partnerships, LLCs and LLPs
• Overview the formation of a partnership/LLC and the Section 704(c) pre-contribution gain or loss rules
• Schedule K analysis-- determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items
• How schedule K items get allocated to partners on schedule K-1s
• Look at detailed Schedule K-1 information reporting to partners needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations
• Learn the special tax treatment of fringe benefits paid on behalf of the partners and LLC members
• Comparing the tax and Section 704(b) book capital account computations
• Discuss partner guaranteed payments and self-employment tax issues
• Schedule M-1 -- reconciliation of income or loss per books with income or loss per income tax return
• Schedule M-2 -- analysis of partners' capital accounts
• Review the importance and basics of calculating a partner/member's outside tax basis.
• Overview of the tax treatment of distributions, recourse and nonrecourse debt allocations, Section 754 election for optional basis adjustments and Section 743/Section 734 mandatory basis adjustments

Learning objectives

• Prepare a complete Form 1065 income tax return and related schedules with minimal review points
• Understand the partnership income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions)

Who should take this program?

• Tax return preparers, staff accountants, and paraprofessionals with little or no experience and out of practice public accountants seeking a basic partnership tax return preparation course.

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $300.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

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