Partnership Preparation, Basis Calculations & Distributions–Form 1065 Schedule K & K-1 Analysis

Course Description

This comprehensive online continuing education 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 Online CPE/CE 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.

This online CPE/CE webinar covers the following key topics:

• An extensive review of the partnership tax laws with an emphasis on any new legislative changes (SECURE & CARES Act)
  
• Review 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 the 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 elections 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. 

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. 

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Learning Objectives

• To form a partnership and calculate the partnership’s initial inside basis in the assets and partner’s outside basis in the entity
• To prepare a basic partnership (Form 1065) Schedule K including the reporting of cash and non-cash distributions
• To understand how the schedule K items get allocated to the partners/members on their individual Schedule K-1
• List the three main reasons for calculating a partner/member’s basis in a partnership/LLC
• To calculate a partner/member’s outside basis and determine if losses and deductions are limited on their individual income tax return

Recommended For

• Any Professional or Staff interested in learning more about partnership taxation
• This online CE IRS approved course is recommended for CPAs, EAs, AFSPs, and Other Tax Professionals who wants to have a comprehensive understanding of Partnerships and LLC

Who Should Attend?

Webinar Qualifies For

• 8 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-U-00245-20-O)
• 8 CE Credit of Federal Tax Update for Tax Professionals (Approval No. GEHNZ-U-00245-20-O)
• 8 CE Credit of Federal Tax Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00245-20-O)
• 8 CPE Credit for Certified Valuation Analyst (CVA)
• 8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
• 8 CE Credit of Federal Tax Law Update for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0252)
• 8 CE Credit of Taxes for Annual Filing Season Program (AFSP)

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