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

4.6 (79)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

Monday, February 03, 2020 | 09:00 AM EDT

  • AFSP
  • CPA
  • CVA
  • EA
  • Tax Preparer
  • CTEC

8 Credits

$120

Subject Area

Taxes

Upcoming Webinars

Additional Dates

Jun 18, 2021 | 08:00 AM PDT Register
Jun 25, 2021 | 10:00 AM EDT Register
Jul 02, 2021 | 08:00 AM PDT Register
Jul 09, 2021 | 10:00 AM EDT Register

Course Description

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.

This webinar include a step-by-step analysis of Form 1065, Schedule K-1, including how to complete the more difficult parts of the Schedule K-1. The webinar will feature an in-depth discussion of Part II, Information About the Partner, and will cover partner capital, debt allocations, certain special allocations, and more.

MAJOR HIGHLIGHTS : 

  • Preparing a basic partnership (Form 1065) Schedule K
  • How Schedule K items get allocated to partners/members
  • Debt and Certian special allocations

Learning Objectives

  • Form a partnership and calculate the partnership’s initial inside basis in the assets and partner’s outside basis in the entity
  • Prepare a basic partnership (Form 1065) Schedule K including the reporting of cash and non-cash distributions
  • 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
  • Calculate a partner/member’s outside basis and determine if losses and deductions are limited on their individual income tax return

Who Should Attend?

  • Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Entrepreneurial CPA
  • QB Pro Advisor
  • Tax Attorney
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Xero Advisor

Testimonial

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    [no_of_record] => 79
    [average] => 4.5696
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4.6

(79)
67%
25%
5%
3%
0%

OG

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

TF

Great presentation! I enjoyed listening to the presenter and gained valuable knowledge about Amending Tax Returns and more... Time well spent. Thank you so much for sharing your expertise and knowledge

MH

This webinar came at a very good time as I am in the process of amending a return. All the question I had were answered in this discussion and I am very appreciable of the knowledge I gained. thank you very much

GL

Excellent presentation by J. Patrick. Although new to the subject matter, I feel confident enough, after some studies of the related tax regulations, to seek out doing tax prep and planning partenership customers relating to Form 1065. Understanding the each concepts felt natural for me in being able to interpret what he intended to teach. Nothing about his delivery was confusing to me at all, He was clear and concise, and I look forward to learning and gaining more in-depth knowledge more from Mathew on this subject matter

EC

This presentation regarding Partnership Allocation was very informative and presented with a highly skilled technical presenter that gave examples for different kinds of fact situations. However, the information could had been extended maybe an hour longer or more. Excellent Presenter

AO

This was a very informative webinar. These sections of the Code have bedeviled me for years. I now have an understanding of the Operating Agreement boilerplate that has heretofore escaped me. Thank you Patrick.