Phoenix Beach, LLC © ALL RIGHTS RESERVED. 

© Phoenix Beach, LLC 

Training for Business Professionals

Who Should  Attend?

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.


Area of Study:
Taxation

Level:
Basic

Credit:
8 hours

Prerequisite:
None


Advance Preparation:
None

Type:
Group Live

  Hands-On Tax Return Workshop – Partnerships & LLCs (Form 1065)

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.


Learning 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) ​ 


Course Highlights


​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:

       - Detailed coverage of the Tax Cuts & Jobs Act (TCJA) affecting partnerships 


       - 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– determined if income statement items are treated as 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 what relevant information related to the 3.8% net investment income tax needs to be reported to the partners


       - 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