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

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Cancelled - Jan 13, 2023

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

Fees

Member Fee: $309.00
Nonmember Fee: $384.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: -154.00

The above fees may not be reflective of the total event price. See below.

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.



Health & Safety Protocols for In-person Attendance
All in-person participants agree to follow current health and safety guidelines and must adhere to applicable requirements including the following:
  • Acknowledge the COVID-19 assumption of risk, waiver, and release.
  • Follow local mask guidelines, if any, in place at the time of this event and comply with any other safety guidelines required by OSCPA or the venue.

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

Once participants have completed this session, they should be able to:
  • 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 but are not limited to:

  • 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 §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


Did you know? The OSCPA member rate for CPE courses is extended to all OSCPA members and their employees who are not eligible for OSCPA membership. Members of other state CPA societies are also eligible for member rates.

After adding the course(s) to your cart, click "Apply Discounts" and select either "This person is an uncertified staff of an OSCPA member" or "This person is a member of another state CPA society."


Administrator Note: If you are registering individuals from your firm/business to attend this in-person event you have two registrations options:

  1. Via online registration: prior to completing this registration, you must confirm with each individual that they have read and agree to the COVID-19 Assumption of Risk, Waiver, and Release. Or, 
  2. Call OSCPA: at 503-641-7200 / 800-255-1470, ext. 3 to register your staff. Following registration, OSCPA will send an email to each registered individual with a link to the COVID-19 Assumption of Risk, Waiver, and Release.

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


Leaders

Mark Vanden Berge

Mark Vanden Berge has over 25 years of experience in the field of public accounting. After graduating from college, he accepted a staff accounting position with a local CPA firm where he was exposed to all areas of public accounting. Four years later, he accepted a position with a regional CPA firm in their tax division. Within two years, he was in charge of the tax division and was primarily responsible for over 500 tax clients. After three years, he established his own firm, Vanden Berge, Inc., in Sioux Falls, South Dakota, and still operates that firm at the present time as the CEO and president. The firm assists their clients in all areas of taxation, business planning, and financial consulting.

In addition to his work in public accounting, Mr. Vanden Berge is CEO and president of VBI Company, Inc., which is an independent commodity brokerage firm located in Sioux Falls, South Dakota. VBI has nine branch offices serving clients in the Midwest. In addition to offering the typical retail brokerage services, VBI is very active in the managed futures industry, which is experiencing significant growth as a viable alternative investment to the typical equity and fixed income investment vehicles. Mr. Vanden Berge has passed the Series 7 Securities exam as well as holding the Series 3 license. He was also involved in taking a telephone company public and was involved in an IPO roll-up with several other companies in 2000. Additionally, he has had ownership interests in trucking and freight companies, retail sales businesses, and software companies. This broad background has provided Mr. Vanden Berge with a wide range of experiences in the areas of taxation, business, and finance. Mr. Vanden Berge is a graduate of Northwestern College.

(10/14/19)