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

Add to Calendar

Feb 3, 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

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.

Date changed for this webcast. Previously advertised date was: 1/13/23

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."


Leaders

Patrick Garverick

Pat

J. Patrick (Pat) Garverick is a Certified Public Accountant (CPA) who began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country. In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). Pat has presented continuing education sessions since 1993 throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater.

(3/19/21)