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Training for Business Professionals
Who Should Attend?
Tax return preparers, staff accountants, and paraprofessionals with little or no experience. Also, out of practice public accountants seeking a comprehensive basic partnership & LLC income tax course.
Area of Study:
Basic understanding of individual income taxation
Staff Tax Training - Partnerships & LLCs (Form 1065)
This training course is designed to provide a comprehensive understanding of the Federal income tax laws applicable to partnerships, limited liability companies (LLCs) and limited liability partnerships (LLPs) and their owners. The cornerstone of this course is the integration of the most recent tax laws and theories to real world case scenarios that teach the preparation and/or review of IRS tax forms and schedules.
Once participants have completed this session they should be able to:
- Understand the Federal income tax laws applicable to Partnerships/LLCs and their partners from formation to liquidation
(i.e. theory) and apply this from a tax-form perspective (i.e. tax preparation)
- Prepare a complete Form 1065 income tax return and related schedules with minimal review points
This session is taught using a Hands-On methodology. Real world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the participants learning experience. Each participant will receive a comprehensive partnership/LLC 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 and LLCs
- Extensive review of the partnership tax laws with an emphasis on any newly enacted changes
- Overview of different forms of business entities including the check-the-box regulations
- Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing
- Schedule K and K-1 – preparation issues including separately and non-separately stated income and expense items
- Understand the substantial economic effect requirement to have special allocations to the partners/members
- Allocation of recourse and non-recourse debt to the schedule K-1s
- Deductibility of fringe benefits including health insurance premiums
- Guaranteed payments & self-employment tax issues and pitfalls
- Overview of calculating a partner/member’s outside basis and discuss how partnership losses and deductions can be
limited to basis and the at-risk rules
- §754 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)
- Taxable year end issues
- Partnership liquidation and distribution tax ramifications at both the partnership and partner level