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BEST TAX RETURN WORKSHOP - PARTNERSHIPS & LLCS (FORM 1065)

4.4 (84)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

Monday, December 02, 2019 | 09:00 AM EDT

  • AFSP
  • CPA
  • CVA
  • EA
  • Tax Preparer
  • CTEC

8 Credits

$120

Subject Area

Taxes

Additional Dates

Jun 29, 2021 | 08:00 AM PDT Register
Jul 06, 2021 | 10:00 AM EDT Register

Course Description

This webinar provides a comprehensive review of the principles of partnership income tax preparation. You'll cover the reporting of trade and business income and deductions on the Form 1065 as well as details on the schedules and supplemental information that should accompany Form 1065.

Form 1065 is critical for partnerships as it is used to help partners determine their own tax filings. It’s not, necessarily, a form that is required to pay taxes because partnerships are not taxed at the partnership level. Or, are they? Beginning with the 2018 tax year, there is a possibility the IRS could audit a partnership and assess tax as “imputed underpayments.” The Centralized Partnership Audit Regime (CPAR) has changed the landscape for tax professionals and stepped up the due diligence and work necessary to file Form 1065 properly. Careful work on the 1065 could even make sure your partnership clients are not subject to some of the more surprising and harsher elements of the CPAR. 

This webinar will also walk you through the necessary concepts you must understand to file Form 1065. This program discusses how partnerships are treated by the IRS, what is necessary to file Form 1065, and the basic concepts of partnership and partner taxation that apply to pass-through entities including partnerships and LLCs.

This webinar will also cover detailed discussion of planning tips that can be adapted to partnerships and LLCs when filing a Form 1065 as well as an in-depth discussion of some of the more detailed elements of the Form itself. 

In 2017, Congress passed the most significant tax act in over 3 decades. We will also have a high-speed overview of the qualified business income deduction (QBID) and how it works for specific partnership, S corp, and LLC clients.

This webinar would case-study driven training and would explaining with the help of practical examples. This is designed to get 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.

Major Topics

  • Gain a thorough understanding of federal income tax laws for partnerships or LLCs, from formation to tax return preparation issues.
  • Are capital accounts the same as basis? NO, they are not!
  • Partnership distributions -- current or liquidating, cash or property.
  • What business arrangements qualify, or, by default, are treated, as partnerships.
  • Assess critically tax basis for recourse and non-recourse debt.
  • Understand the proper year end Review an often overlooked §704(c) pre-contribution gain.
  • Adjustments, permitted special allocations, and self-employment tax issues.
  • Complete coverage of any new legislation enacted before presentation.
  • Other developing issues and hot topics.
  • Maximizing depreciation deductions.
  • Partnership oddities with reporting depreciation, sales of assets, and guaranteed payments.

Learning Objectives

  • 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
  • Efficiently use the information gathering process (i.e. asking the right questions) to prepare returns
  • Recognize the importance of Schedule M-1
  • Be familiar with the results of the case studies that reinforce key learning points

Who Should Attend?

  • Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Practitioners
  • Tax Pros

Testimonial

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(
    [no_of_record] => 84
    [average] => 4.4286
)
 

4.4

(84)
62%
30%
2%
1%
5%

DM

My personal preference is to go straight to the point. A lot of the information on this last video could be summed up into smaller bullet points. Of course this is my pace of learning. Someone else with slower learning curve may benefit.It was a good match for me. This is the perfect course to gain more knowledge regarding tax preparation. My goal is to be a professional tax preparer.

RM

An absolutely amazing webinar. The knowledge I gained is going to help me get better at work and that is for sure. Thanks myCPE and Patrick.

JS

This is the only tax course that teaches you how to solve the real problems you may get in your practice! Your problem may be easier or more complicated than those presented in this course but the way to solve them is the same. Great course!

MH

Great instructor teaching this course! As a visual learner, I have learned so much with the video eplanations and software examples. Thank you for all of the resources, they have helped me to get a better understanding of IRS, Federal and State laws.As a person that is attempting to do my taxes for the first time, this course provides more than a base to the 1040 forms and procedures. The course surpassed my expectations!

PH

Awesome course on income tax preparation and tax law. Helped me better understand our tax code and how to improve my tax planning. The instructor explained the concepts in an easy to understand manner. Well done!

AL

I am living this rating because I am really satisfy. Explanations are clear for me even though the lecturer is fast for a french speaking tax Attorney. I am dicovering this course as a foreigner and I am willing to understand better how it works in the U.S. I am also improving my vocabulary related to tax financial statement. Thanks a lot. I will review this course several time so to master all.