24SR-0021: Reviewing Partnership Tax Returns: What Are You Missing? (In-person)
Tuesday, December 17, 2024
1:00pm - 4:30pm Central Time
4 CPE (4 technical)
Minnesota Society of CPAs, Bloomington
The partnership section of the Internal Revenue Code is complicated. The reliability of tax software to properly handle it can create issues when processing LLC and partnership tax returns. Learn about 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, as well as 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 an illustrative case study format to increase comprehension and retention.
Major subjects
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Common errors made involving the following tax forms: Form 1065, Schedules K and K-1, Schedules M-1 and M-2, Form 4562 and Form 4797
Learning objective(s)
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Identify common mistakes made on partnership tax returns
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Calculate the balance in the partners' capital accounts and enter the results on Form 1065 and on the Schedule K-1
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Identify the purposes of Schedules L, M-1 and M-2
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Recognize the tax treatment, both at the partner and the partnership level, of guaranteed payments to a partner
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Identify and report Section 1202 gains on Form 1065
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Determine the ordinary loss to the partners from the sale of Section 1244 stock
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Determine how installment sales are taxed and disclosed by partnerships
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Determine book value following a revaluation of LLC or partnership assets
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Determine strategies to avoid making mistakes on partnership tax returns
Who should take this program?
CPAs working with clients requiring expertise in partnership taxation for the current tax season
Fees
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$259.00
(Standard Nonmember Fee).
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Standard Member Fee |
$209.00
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 Standard Nonmember Fee |
$259.00
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