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Hands-On Tax Return Workshop – Partnerships & LLCs (Form 1065)

4.4 (82)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

Thursday, July 16, 2020 | 09:00 AM EDT

  • AFSP
  • CPA
  • EA
  • Tax Preparer
  • CTEC

8 Credits

$120

Subject Area

Taxes

Upcoming Webinars

Additional Dates

Jun 15, 2021 | 08:00 AM PDT Register
Jun 22, 2021 | 10:00 AM EDT Register
Jun 29, 2021 | 08:00 AM PDT Register
Jul 06, 2021 | 10:00 AM EDT Register

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:

  • Detailed coverage of the Tax Cuts & Jobs Act (TCJA) affecting partnerships 
  • 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 non recourse debt allocations, §754 election for optional basis adjustments and §743/§734 mandatory basis              adjustments

THIS WEBINAR WILL HELP TO THE CPA'S, TAX PRACTITIONERS, TAX ATTORNEY, ACCOUNTANT AND TAX FIRM ETC. FOR GAIN ADVANCE KNOWLEDGE OF PARTNERSHIPS & LLCS TAX RETURN (FORM 1065) TO SERVE BETTER TO YOUR CLIENTS.

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
  • 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] => 82
    [average] => 4.4268
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4.4

(82)
62%
29%
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.