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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 (US)

The Garvs, LLC

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • Oregon Tax Preparer
  • CTEC

Published: August, 2020

8 Credits

$120

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

8 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00245-20-S)

8 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0252)

8 CE credit of Federal Tax Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00245-20-S)

8 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00245-20-S)

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

Before starting this self study program, please go through the instructional document.

Overview

  • Partnership Formation
    8 mins
  • Traditional Method
    39 mins
  • Distributions To Contributing Partners Within 7 Years
    72 mins
  • Capital Account Overview
    101 mins
  • Net Invest Income
    157 mins
  • QBI Aggregation Rules
    195 mins
  • Substantiality
    226 mins
  • Case Study - Recourse Debt - Guarantee Limited Partner
    270 mins
  • Case Study - Partner Basis Calculation
    323 mins
  • Tax Treatment to Partner
    352 mins
  • Overview of At-Risk Rules
    378 mins

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. Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies.

MAJOR TOPICS COVERED :

  • An extensive review of the partnership tax laws with an emphasis on any new legislative changes (SECURE & CURES Act)
  • 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)

J. Patrick Garverick is one of the most admired and best-reviewed Tax Speaker in the country and we are offering the classes at a much-discounted price during the pandemic. His courses have been best-reviewed time and again 

  • For Quality of Content
  • For Relevance and Practical Case studies
  • For Best Teaching Approach
  • For Best Course Material

Awards and Accolades

  • Award for Instructor Excellence for California Education Foundation
  • Award for Outstanding Course materials for California Education Foundation.
  • 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. 

After registering for this webinar you will get Free E-Book worth $200. The book would be emailed to you, a day before the webinar on your registered email address on myCPE. The book is copyright protected. 

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
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Testimonial

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PH

8 hr webinars are tough but this is much better than most. Pat Gaverick is an effective instructor

PH

8 hr webinars are tough but this is much better than most. Pat Gaverick is an effective instructor