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

4.6 (80)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

Monday, August 10, 2020 | 09:00 AM EDT

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

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 ) (Approval No. GEHNZ-T-00074-19-O)

8 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0050)

8 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00074-19-O)

8 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00074-19-O)

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

Additional Dates

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 tax workshop is designed to get the accounting and tax professionals 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 tax workshop 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 : 

  • Emphasize any new legislative changes affecting partnerships and partners
  • Review the 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 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 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)

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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    [average] => 4.5750
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4.6

(80)
68%
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.