Detailed Tax Workshop on Partnership IRS Form 1065, Schedule K & K-1

Course Description
Course Qualification
Presenter
FAQ

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 Tax 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 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.

Learning Objectives

To know how to form a partnership and calculate the partnership’s initial inside basis in the assets and the partner’s the outside basis in the entity
To prepare a basic partnership (Form 1065) Schedule K including the reporting of cash and non-cash distributions
To analyze how the schedule K items get allocated to the partners/members on their Schedule K-1
To determine the list of 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

This CPE online course is 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 want to have a comprehensive understanding of Partnerships and LLCs.

Who Should Attend?

Bookkeepers & Accountants & Tax Preparers
California Registered Tax Professional
Certified Valuation Analysts
CPA - Mid Size Firm
CPA - Small Firm
CPA in Business
Entrepreneurial Accountant
Entrepreneurial CPA
Maryland Tax Preparers
Oregon Tax Preparers
Tax Attorney
Tax Director (Industry)
Tax Firm
Tax Managers
Tax Practitioners
Tax Preparer
Tax Professionals
Tax Pros
Young CPA

Course Qualification

Webinar Qualifies For

8 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-00245-20-O)
8 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-00245-20-O)
8 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0252)
8 CE Credit of Federal Tax Law Update for Annual Filing Season Program (AFSP)
8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
8 CE Credit of Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00245-20-O)
8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
8 CE Credit for Certified Wealth Strategist (CWS)
8 General Credit for Accountant/Bookeeper

Additional details

Course Level :

Intermediate
Credits :

8
Instructional Method :

Group Internet Based
Pre-requisites :

Attendee Should Have Understanding Of Form 1065 And Schedule K Related To Income Tax Return
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.
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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

4.6

136 Ratings

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Osmarc Gaspard, EA

Oct 24th, 2020

I've been attending these webinars as a break from my usual CPE regime. I was stunned by the depth of this presentation as many of these webinars, by design, just hit on the surface. Twenty minutes into this webinar I had to link in a colleague as this webinar was knowledgeably discussing points that we had researched in the past. The examples were clear and concise. The presentation was spot on. We noticed how well he covered for a math mistake he made in an example. How he acknowledge the error, corrected it and then expanded on the example. It was a great piece of teaching. I would go out of my way to listen to another one of his lectures. Thanks

Michael Valadez, CPA (US)

Mar 24th, 2020

This class gave me the tools to start an entry-level job preparing a 1065 and take the next step after compiling financials in QuickBooks. I'm currently enrolled in a MST program and have wanted to see how to take client information (trial balance) and prepare a partnership tax return in a systematic way from scratch. This class also showed me how to prepare a professional supporting workpaper in Excel.