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Course Details

Overview of Topics

  • Additional Information about Buckeye Consulting LLC

    12 mins
  • Classifications of Business Entity

    32 mins
  • Partnership Formation & Operations

    60 mins
  • Partner's Share of Partnership Items

    115 mins
  • Partnership Fringe Benefit Rules

    172 mins
  • Capital Gains and Losses

    228 mins
  • Analysis of Net Income

    266 mins
  • Allocating Resource Liabilities to Partners

    308 mins
  • Qualified Business Income Deduction

    347 mins
  • Limitation on Business Intrest

    380 mins

Course 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.

Partnerships have specific tax reporting requirements that are different from other businesses. Partnership taxes are a two-step process: The partnership as an entity must report income, gains, and losses, and credits, and deductions, like other businesses. However, partnerships don't pay taxes on the income. Instead, the partners pay taxes on their share of the partnership income they're paid. While the partnership pays its partners, the partners aren't employees and don't receive a W-2. Instead, the partnership supplies each partner copies of Schedule K-1 (Form 1065) which reports partners' share of income, credits, and deductions. Here is more about how partnerships report to the Internal Revenue Service (IRS) and the documents needed to file Federal Income Taxes for a partnership.

Certified public accountants are always looking for convenient ways to complete their continuing professional education requirements. With tax season rapidly approaching, there is no better time to brush up on your partnership income tax knowledge than now with myCPE webinar. The webinar provides a comprehensive hands-on, pencil-pushing understanding of the preparation of both S corporation and partnership/LLC tax returns, along with the underlying laws, regulations, etc. This webinar course and instruction delivery is geared toward the basic understanding and progresses to complex issues.

KEY HIGHLIGHTS OF WEBINAR:

​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). Topics include:

  • An 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– 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

J. Patrick Garverick is one of the most admired and best-reviewed Tax Speaker in the country and we are offering the classes at a much-discounted price during the pandemic. His courses have been best-reviewed time and again 

  • For Quality of Content
  • For Relevance and Practical Case studies
  • For Best Teaching Approach
  • For Best Course Material

Awards and Accolades

  • Award for Instructor Excellence for California Education Foundation
  • Award for Outstanding Course materials for California Education Foundation.
  • Rated top tax instructor in nearly every location he has presented 
  • One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. 

After registering for this webinar you will get Free E-Book worth $200. The book would be emailed to you, a day before the webinar on your registered email address on myCPE. The book is copyright protected.

Webinar Qualifies for

  • 8 CPE credit of Taxes for all CPAs
  • 8 CE credit of Federal Tax for Maryland Tax Preparers
  • 8 CE credit of Federal Tax for Oregon Tax Preparers
  • 8 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)
  • 8 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )
  • 8 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • To learn the special tax treatment of fringe benefit paid on behalf of the partners and LLC members
  • To recognize the partnership income tax law from a tax-form perspective
  • To identify the Efficient use the information gathering process (i.e. asking the right questions) to prepare returns
  • To identify how schedule K items get allocated to partners on schedule K - 1s
  • To recognize the difference between partnerships, LLCs and LLPs

About Presenter

J. Patrick Garverick, CFP, CPA

Accounting Manager,THE GARVS LLC

pat@phoenixbeach.com

Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He 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®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

During his time in college, Pat earned a letter as a member of the Ohio State Basketball squad. He remains a staunch supporter of the sports programs at his alma mater.

Awards & accolades

  • Multi-time winner of the California Education Foundation’s 1) Award for Instructor Excellence and 2) Award for Outstanding Course materials
  • Rated top tax instructor in nearly every location he has presented 
  • One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. 

Phoenix Beach was developed to provide comprehensive and up-to-date educational content for business professionals of all types. As part of our mission we strive to make sure that the material we present is delivered by knowledgeable and skilled instructors so our session participants receive a great educational experience and value.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:00
  • Question 5 : 01:15
  • Question 6 : 01:30
  • Question 7 : 01:45
  • Question 8 : 02:00
  • Question 9 : 02:15
  • Question 10 : 02:30
  • Question 11 : 02:45
  • Question 12 : 03:00
  • Question 13 : 03:15
  • Question 14 : 03:30
  • Question 15 : 03:45
  • Question 16 : 04:00
  • Question 17 : 04:15
  • Question 18 : 04:30
  • Question 19 : 04:45
  • Question 20 : 05:00
  • Question 21 : 05:15
  • Question 22 : 05:30
  • Question 23 : 05:45
  • Question 24 : 06:00
  1. According to Special De Minimis Rule: If the taxable year that results in the least aggregate deferral produces an aggregate deferral that is less than 0.5 when compared to the aggregate deferral of the current taxable year, …
  2. A partnership can make a §444 election if it meets which one of the following requirements?
  3. For purposes of ruling requests, the natural business year of an entity can be determined under which one of the following tests?
  4. For 2020 each failure to furnish schedule K-1 to a partner when due and each failure to include on Schedule K-1 all the information required to be shown, a penalty of ___ may be imposed for the each Schedule K-1 for which the failure occurs.
  5. A method of allocating pre-contribution gain or loss is not necessarily said to be unreasonable because:
  6. Which one of the following provides the basis for Capital accounts record?
  7. The partner’s capital accounts will be considered to be determined and maintained in accordance with capital account maintenance rules if each partner’s capital account is adjusted. What effect would you give to partner’s capital account for Partner’s share of partnership tax-free income?
  8. Which one of the following is true when there is a transfer of partnership interest by gift?
  9. The term qualified trade or business means which one of the following?
  10. The annual disclosure to an RPE must contain which one of the following?
  11. Qualified disaster relief payments do not include which one of the following?
  12. Once an application is submitted to the lender with the required documentation, the lender must issue a decision on the loan forgiveness within ___ days.
  13. In which one of the following ways minimum gain can be created?
  14. In which conditions an individual is not considered as a limited partner?
  15. The present value of the guaranteed future interest payments is computed using a discount rate equal to which one of the following?
  16. In which condition the general rules does not apply to a partnership nonrecourse liability?
  17. If a taxpayer excludes discharge of indebtedness income from gross income, then the amount excluded shall be applied to reduce which one of the following tax attributes last?
  18. In case of the sale of partnership interest, the adjusted basis of the partner’s interest should be determined as of:
  19. Which of the following increases partner’s basis?
  20. For which one of the following activities the tax payer shall be considered at risk?
  21. Which one of the following does not include in the definition of the current distribution?
  22. Payment in exchange for an interest in partnership property shall not include amounts paid for:
  23. The adjusted basis of a partner’s interest in a partnership shall be increased by the amount of ____.
  24. In the written statement under §754 regarding taxable year which one of the following should be included?
  1. In general, the taxable year of a partnership firm shall not close as the result of which one of the following?
  2. A §444 election may be made only if the deferral period of the taxable year to be elected is no longer than ____.
  3. If the entity’s gross receipts from sales and services for the short period and the three immediately preceding tax years indicate that the entity has a peak and a non-peak period of business, which one of the following tests is applied for the purpose of ruling requests?
  4. In the case of partnership changing its taxable year, such entity may make a §444 election only if the deferral period of the taxable year to be elected is not longer than the shorter of which one of the following?
  5. Which one of the following is an advantage of the cash method of income tax return filing?
  6. What is the maximum penalty for all failure to furnish Schedule K-1 during a calendar year?
  7. The purpose of §704(C) is to prevent the shifting of tax consequence among partners with respect to pre-contribution gain or loss.
  8. Which one of the following is an examples of generally reasonable method of distribution?
  9. When a disparity between book value and adjusted tax basis is considered a small disparity?
  10. The tax consequences to the contributing partner and partnership depend on which one of the following?
  11. According to §1.61-2(d)(1) Compensation Paid Other Than in Cash, If services are paid for in property what amount must be taken into consideration in income as compensation?
  12. According to Capital Assets and §1231 Assets, the partner’s holding period for capital assets and §1231 Assets contributed becomes which one of the following?
  13. Which one of the following statement is true for Partnership as per §701 and §1.701-1?
  14. According to §1.706-1(c)(3) Disposition of Less than Entire Interest which one of the following is correct?
  15. Which one of the following elections are made by each partner separately?
  16. A partner’s distributive share of gain recognized under §1245/1250 by the partnership is equal to which one of the following?
  17. According to §1411 Net Investment Tax for estate or trust which amount is considered?
  18. Combined qualified business income amount means:
  19. Which one of the following investment item shall not be taken in to account as a qualified item of income, gain, deduction, or loss?
  20. Which one of the following is relevant to the statement: In order for an allocation to have economic effect, ___________?
  21. In which one of the following situations net decrease in partnership minimum gain occurs??
  22. Which of the following is an example of fringe benefits treated as compensation under §105?
  23. In which one of the following field if partnership performs substantial services, then it is considered to be service partnership?
  24. The employee portion of the HI (medi-care) tax is increased by an additional tax of 0.9% on wages received in excess of which threshold for single filers?
  25. Upon constructive liquidation, which one of the following events are deemed to occur simultaneously?
  26. To which extent a partner bears the economic risk of loss for a partnership liability?
  27. In which of the following conditions IRC §108(a) provides an exclusion from gross income from COD income?
  28. For all taxpayers, the amount of discharge of indebtedness generally is equal to the difference between the adjusted issue price of the debt being cancelled and the amount used to satisfy the debt?
  29. If a taxpayer excludes discharge of indebtedness income from gross income, then the amount excluded shall be applied to reduce which one of the following tax attributes first?
  30. If the fair market value of the debt-to-equity interest does not equal the fair market value of the indebtedness exchanged, then general tax law principal shall apply to account for the difference.
  31. The debtor partnership will not recognize gain or loss upon the transfer of a partnership interest to a creditor in a debt-for-equity exchange for which one of the following?
  32. The main reason a taxpayer must calculate their basis in the partnership is to determine which one of the following?
  33. Three separate limits apply to a partnership’s distributive share of a loss from partnership. The limits determine the amount of the loss each partner can deduct on his or her own income tax return. Which one of the following limit is the first applied?
  34. Which one of the following reduces partner’s basis?
  35. According to §1.465-6(d) if a taxpayer guarantees repayment of an amount borrowed by another person, ______.
  36. Which of the following is an exception to the current distribution rules?
  37. A distribution of property by a partnership to a partner does not result in_____?
  38. Which one of the following assets are considered Hot Assets?
  39. The term money includes which one of the following?
  40. Gain on the disposition by a distribute partner of unrealized receivables distributed by a partnership, is considered which one of the following?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

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MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

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MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS
Wednesday, October 21, 2020 View Details/Register
  • Cost $120
  • CPE Credits 8
  • CE Credits 8
  • IRS Course ID GEHNZ-T-00072-19-S
  • CTEC Course ID 6273-CE-0048
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Published Date November 06 ,2020
  • Who should attend? Enrolled Agent Tax Attorney Tax Practitioners Accountant CPA - Small Firm CPA - Mid Size Firm Tax Pros CPA (Industry) Tax Firm Entrepreneurial CPA Tax Accountant (Industry) Tax Director (Industry) Accounting Practice Owners Senior Accountant Accounts Director Entrepreneurial Accountant Accounting Managers Staff of Accounting Firm
  • Handout Material Download Download
  • Key Terms Download

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS
Wednesday, October 21, 2020 View Details/Register