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

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J. Patrick Garverick, CFP, CPA

THE GARVS LLC

Tuesday, April 21, 2020 | 09:00 AM EDT

  • CPA
  • EA

8 Credits

$120

Subject Area

Taxes

Upcoming Webinars

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 includes 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 to Schedule K items to get allocated to partners/members
  • Debt and Certain 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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