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Best Tax Return Workshop - Partnerships & LLCS (Form 1065) Latest

  • ACCT/BK
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • Maryland Tax Prep.
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

This case-driven online continuing education 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 Form 1065 using a fairly complex trial balance common to most partnerships, 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, losses, 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 with copies of Schedule K-1 (Form 1065) which reports the 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 my CPE webinar. The online CPE/CE webinar provides a comprehensive hands-on, pencil-pushing understanding of the preparation of partnership/LLC tax returns, along with the underlying laws, regulations, etc. This online CPE/CE course and instruction delivery is geared toward basic understanding and progresses to complex issues.

​This online continuing education 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).

Key topics included in this online CPE tax webinar:

  • An extensive review of the partnership tax laws with an emphasis on any new legislative changes 
  • Comparison of partnerships, LLCs and LLPs
  • Overview of 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 to schedule K items to 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 book 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 elections for optional basis adjustments, and §743/§734 mandatory basis adjustments

J. Patrick Garverick is one of the most admired and best-reviewed Tax Speakers 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. 

During this webinar, you will get Free E-Book worth $200. The book will be shared with you during the webinar. The book is copyright protected

Click here for more webinars on |Tax updates| Tax Planning|

Learning Objectives

  • To study the special tax treatment of fringe benefits 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 of the information gathering process (i.e. asking the right questions) to prepare returns
  • To identify how to schedule K items to get allocated to partners on schedule K - 1s
  • To recognize the difference between partnerships, LLCs, and LLPs

Recommended For

  • This online IRS-approved CE course is recommended for CPAs, EAs, AFSPs, and Other Tax Professionals involved in the review or filing of federal tax returns for partnerships and LLCs.

Who Should Attend?

  • Accountant
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Valuation Analysts
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros

Course Qualification

Webinar Qualifies For

  • 8 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00072-19-O)
  • 8 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00072-19-O)
  • 8 CE Credit for Annual Filing Season Program (AFSP)
  • 8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 8 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00072-19-O)
  • 8 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0048)
  • 8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 8 CE Credit for Certified Wealth Strategist (CWS)
  • 8 General Credit for Accountant/Bookkeeper (ACCT./BK)

Additional details

  • Course Level :
    Basic
  • Credits :
    8
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

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.

NASBA APPROVED

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.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

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.

Presenter

About Presenter

J. Patrick Garverick, CPA (US)

Accounting Manager, The Garvs, LLC

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. 

About Company

The Garvs, LLC

thetaxu.com/

Since 1993 award winning author and instructor J. Patrick “Pat” Garverick, CPA, MT, CFP® has been providing tax and financial training educational courses to business professionals through out the country.  Pat is recognized as one, if not THE best tax instructor in the country.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.4

127 Ratings

Excellent

76

Very Good

41

Average

5

Poor

1

Terrible

4

DM

Derrick Mintah, EA

Sep 9th, 2020

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.

RR

Rebecca Raymond, EA

Aug 25th, 2020

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!

DK

Deliah Kwasitsu, ACCT/BK, EA

Nov 4th, 2020

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!

SO

Sunday Ogunro, CPA (US)

Aug 27th, 2020

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 discovering 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 statements. Thanks a lot. I will review this course several time so to master all.

PM

Paul Mchugh, CPA (US)

Aug 21st, 2020

All the presentations are covered in detail with examples, easy to understand and self-explanatory. I must compliment you sir for making "Tax Preparation and Law 2019-2020"topic student-friendly and understandable. Thank you very much sir and regards.

Best Tax Return Workshop - Partnerships & LLCS (Form 1065) Latest

$120

8 Credits

Subject Area

Taxes

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