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

5 (1)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

Tuesday, June 16, 2020 | 09:00 AM EDT

  • CPA
  • EA

8 Credits

$120

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

8 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )

8 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

8 CE credit of Federal Tax for Maryland Tax Preparers

8 CE credit of Federal Tax for Oregon Tax Preparers

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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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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