This comprehensive training is designed to get the accountant up to speed quickly with partnership and limited liability company (LLC) formation and preparation issues as well as a complete understanding of calculating a partner and LLC member’s basis. The cornerstone of this course is the in-depth line-by-line analysis of the Form 1065 Schedule K and K-1 and how these items affect the partner/member’s individual income tax return. Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies.
MAJOR TOPICS COVERED :
- An extensive review of the partnership tax laws with an emphasis on any new legislative changes (SECURE & CURES Act)
- Review the Form 1065 to learn how income statement items get reported on the partnership/LLC tax return (i.e. page 1 versus Schedule K) and flow-thru to the partner/members on Schedule K-1
- Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual’s Federal income tax return and how the items affect the partner/member’s outside basis
- Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the partners/members
- Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member
- The purpose of tax and §704(b) book capital account
- Reporting recourse and non-recourse debt on the Schedule K-1
- Tax ramifications and reporting of cash and non-cash distributions including disproportionate distributions of “hot assets”
- Overview of the §754 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)
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.
