Partnership & LLC (Form 1065) Tax Return Review & Case Study - NEW! - Webcast – NEW DATE!

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Jun 30, 2020

Registration: 7:30 AM / Program: 8:00 AM - 4:00 PM Pacific Time

Fees

Member Fee: $0.00
Nonmember Fee: $0.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

Description

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a partnership/LLC course focusing on the hottest tax topics and most frequently encountered issues. This case-driven course will deal with both partnership/LLC and partner/member developments addressing the most common, yet complex Federal partnership/LLC issues and problems.

This course will review in detail the partnership income tax laws with an emphasis on any new legislative changes under the Tax Cuts & Jobs Act and CARES Act such as:

  • Tax treatment of the forgiveness for certain SBA guaranteed loans
  • Retroactive changes to allow 100% bonus depreciation for certain qualified property
  • Modification to the §163(l) losses for non-corporate taxpayers (i.e., shareholders and partners)
  • Increase in the §163(j) interest deduction limitation from 30% to 50%
  • 20% qualified business income (QBI) deduction reporting 

Designed For

Tax professionals in public or private industry seeking a case-driven income tax return course addressing the most common, yet complex Federal partnership and LLC issues and problems.

Objectives

  • Form a partnership and calculate the partnership’s initial inside basis in the assets and partner’s outside basis in the entity
  • Understand how the Schedule K items get allocated to the partners/members on their individual Schedule K-1
  • Prepare a partnership’s initial tax and §704(b) book capital accounts and understand their purpose

Major Subjects

This class will review partnership tax law by looking at case studies addressing issues and problems at both the partnership and partner level. Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies. Topics include:
  • Extensive review of the partnership tax laws with an emphasis on any new legislative changes including the Tax Cuts & Jobs Act (TCJA) 20% qualified business income (QBI) deduction and changes to the interest deduction, fringe benefits, and entertainment expenses 
  • Overview of different forms of business entities including the check-the-box regulations 
  • Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member
  • Schedule K and K-1 – separately & non-separately stated income and expense items
  • Substantial economic effect requirement to have special allocations to the partners/members
  • Allocation of recourse & non-recourse debt on K-1s
  • Guaranteed payment issues and tax treatment of fringe benefits
  • Self-employment tax issues and pitfalls
  • §754 optional basis adjustments and mandatory adjustments
  • Tax treatment of distributions - cash versus non-cash & liquidating versus non-liquidating
  • Overview of a partner/member’s outside basis and deductibility of losses

If you would like to register for this event, please contact OSCPA at 800-255-1470, 503-641-7200, or email profdev@orcpa.org.