Hands-On Tax Return Workshop: Partnership & LLCs (Form 1065) – Webcast

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Cancelled - Jan 7, 2021

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

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.

Designed For

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.

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)

Major Subjects

This session is taught using a Hands-On methodology. Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1065 (and related schedules).
Each participant will receive a comprehensive partnership income tax reference manual that includes: numerous practice aids, real-world examples, new federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include:
  • Extensive review of the partnership 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 §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
  • 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, §754 election for optional basis adjustments, and §743/§734 mandatory basis adjustments

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