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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:
Group Live or Internet Based
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.
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)
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– 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