Overview
-
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.
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
Who Should Attend?
- Accountant
- Accounting Managers
- Accounting Practice Owners
- Accounts Director
- CPA (Industry)
- CPA - Mid Size Firm
- CPA - Small Firm
- Enrolled Agent
- Entrepreneurial Accountant
- Entrepreneurial CPA
- Senior Accountant
- Staff of Accounting Firm
- Tax Accountant (Industry)
- Tax Attorney
- Tax Director (Industry)
- Tax Firm
- Tax Practitioners
- Tax Pros
