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

Course Details

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ADDITIONAL DATES

Aug 10, 2020 | 09:00 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)

Webinar Qualifies for

  • 8 CPE credit of Taxes for all CPAs
  • 8 CE credit of Federal Tax Subjects for CRTPs (CTEC Approved - 6273)
  • 8 CE credit of Federal Tax for Maryland Tax Preparers
  • 8 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )
  • 8 CE credit of Federal Tax for Oregon Tax Preparers
  • 8 General Educational credit for Tax Professionals/Bookkeepers/Accountants

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

About Presenter

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. 

Phoenix Beach was developed to provide comprehensive and up-to-date educational content for business professionals of all types. As part of our mission we strive to make sure that the material we present is delivered by knowledgeable and skilled instructors so our session participants receive a great educational experience and value.

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete webinar and respond to all polling questions asked during the webinar. CPE is issued on 50 minute credit hour basis.
  • This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during/after the webinar.
  • If you are Canadian Chartered Professional Accountant (CPA) many of our courses qualifies for your verifiable CPD requirements you will get your certificate for the program. You can check a tab of “Webinar Qualifies for” for the same.However please do verify with respective regulatory body about the eligibility for the same.
  • Many of our courses are approved by “CFP Board” for CE credits of certified financial Planner(CFP). Please check a tab of “Webinar Qualifies for” to verify whether webinar qualifies for CE credits for CFP or not.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).

Reviews

4.6
(25)
68%
24%
8%
0%
0%
  • MV
    Michael Valadez , CPA
    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.
WM
WILLIAM MENKE , CPA
I have enjoyed every presentation by J.Patrick. His presentations are always very informative and time seems to fly. Very knowledgeable in the subject matter. I look forward to more presentations by Mr.Patrick.
KR
Karen Rodgers , EA
Logical progression of the subject matter via working on preparation of the Partnership tax return. It was a great refresher on 1065 return preparation.
JS
Janice Santelices
Maybe add a little more time for the forms entry but other than that it was a great presentation. I really like the interactive presentations I seem to learn more and feel more involved!!
NC
NERANDRA CORDOVA , AFSP, Bookkeeper
excelent
LCD
Li-Chun C Do , EA
Patrick gave a very educative and informative webinar with lots of facts and simple illustrative examples & case studies, especially using himself. I learned a lot from this webinar.

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.

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

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.

upcoming Live CPE Webinars

BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)
Wednesday, August 05, 2020 | 09:00 AM EDT View Details/Register
Government Contract Accounting - Fundamentals, Indirect Rates, Cost & Price Proposal, CAS (Updated 2020)
Wednesday, August 05, 2020 | 09:00 AM EDT View Details/Register
TAX PRACTITIONERS ETHICS (LATEST 2020)
Wednesday, August 05, 2020 | 01:30 PM EDT View Details/Register
How to Analyze Your Client’s Tax Situation Course Information
Wednesday, August 05, 2020 | 03:00 PM EDT View Details/Register
Schedule C for 1040 (2020)
Wednesday, August 05, 2020 | 03:00 PM EDT View Details/Register
3 Things Your Pricing Should Include in Today's Environment (Covid-19 Special)
Wednesday, August 05, 2020 | 04:00 PM EDT View Details/Register
Quickbooks Online (QBO) Mobile Application for Accountants
Thursday, August 06, 2020 | 09:00 AM EDT View Details/Register
IRS COLLECTION REPRESENTATION IN THE WAKE OF COVID-19
Thursday, August 06, 2020 | 10:00 AM EDT View Details/Register
Building a Framework for Regulatory Ethics
Thursday, August 06, 2020 | 10:30 AM EDT View Details/Register
Passive Loss Issues with Schedule K-1s
Thursday, August 06, 2020 | 11:00 AM EDT View Details/Register
S-Corp Preparation, Basis Calculations & Distributions – Form 1120S Schedule K & K-1 Analysis
Thursday, August 06, 2020 | 11:00 AM EDT View Details/Register
Top 10 Things All CPAs Need to Know About IRS Representation
Thursday, August 06, 2020 | 11:30 AM EDT View Details/Register
INTRO TO ACCOUNTINGSUITE™ & MULTI-CHANNEL INVENTORY
Thursday, August 06, 2020 | 12:00 PM EDT View Details/Register
Effective Leadership – Finding Common Ground Despite Differing Points of View
Thursday, August 06, 2020 | 12:00 PM EDT View Details/Register
Excel Tips & Tricks: For every Accountant, CPA, Bookkeeper, Tax Professional, Auditor & Controller
Thursday, August 06, 2020 | 01:00 PM EDT View Details/Register
  • Cost $120
  • CPE Credits 8
  • CE Credits 8
  • IRS Course ID GEHNZ-T-00074-19-O
  • CTEC Course ID 6273-CE-0050
  • Subject Area Taxes
  • Course Level Intermediate
  • Instructional Method group internet based
  • Prerequisites Basic Knowledge Of Partnership Taxation
  • Advanced Preparation None
  • Who should attend? Enrolled Agent Tax Attorney Tax Practitioners Accountant Xero Advisor QB Pro Advisor CPA - Small Firm CPA - Mid Size Firm Tax Pros CPA (Industry) Tax Firm Entrepreneurial CPA Tax Managers Tax Preparer
  • Handout Material Download
  • Handout 1 Download
  • Handout 2 Download
  • Handout 1 Download
  • Handout 2 Download

upcoming Live CPE Webinars

BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)
Wednesday, August 05, 2020 | 09:00 AM EDT View Details/Register
Government Contract Accounting - Fundamentals, Indirect Rates, Cost & Price Proposal, CAS (Updated 2020)
Wednesday, August 05, 2020 | 09:00 AM EDT View Details/Register
TAX PRACTITIONERS ETHICS (LATEST 2020)
Wednesday, August 05, 2020 | 01:30 PM EDT View Details/Register
How to Analyze Your Client’s Tax Situation Course Information
Wednesday, August 05, 2020 | 03:00 PM EDT View Details/Register
Schedule C for 1040 (2020)
Wednesday, August 05, 2020 | 03:00 PM EDT View Details/Register
3 Things Your Pricing Should Include in Today's Environment (Covid-19 Special)
Wednesday, August 05, 2020 | 04:00 PM EDT View Details/Register
Quickbooks Online (QBO) Mobile Application for Accountants
Thursday, August 06, 2020 | 09:00 AM EDT View Details/Register
IRS COLLECTION REPRESENTATION IN THE WAKE OF COVID-19
Thursday, August 06, 2020 | 10:00 AM EDT View Details/Register
Building a Framework for Regulatory Ethics
Thursday, August 06, 2020 | 10:30 AM EDT View Details/Register
Passive Loss Issues with Schedule K-1s
Thursday, August 06, 2020 | 11:00 AM EDT View Details/Register
S-Corp Preparation, Basis Calculations & Distributions – Form 1120S Schedule K & K-1 Analysis
Thursday, August 06, 2020 | 11:00 AM EDT View Details/Register
Top 10 Things All CPAs Need to Know About IRS Representation
Thursday, August 06, 2020 | 11:30 AM EDT View Details/Register
INTRO TO ACCOUNTINGSUITE™ & MULTI-CHANNEL INVENTORY
Thursday, August 06, 2020 | 12:00 PM EDT View Details/Register
Effective Leadership – Finding Common Ground Despite Differing Points of View
Thursday, August 06, 2020 | 12:00 PM EDT View Details/Register
Excel Tips & Tricks: For every Accountant, CPA, Bookkeeper, Tax Professional, Auditor & Controller
Thursday, August 06, 2020 | 01:00 PM EDT View Details/Register