PARTNERSHIP PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS–FORM 1065 SCHEDULE K & K-1 ANALYSIS

4.3 (9)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

  • CPA
  • EA
  • CTEC
  • TAX PROS
  • AFSP

Credits: 8 CPE | 8 CE

$120

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

8 CE credit of Federal Tax for Maryland Tax Preparers

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

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

8 CE credit of Federal Tax Update for Oregon Tax Preparers

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 Formation8 mins
  • Traditional Method39 mins
  • Distributions To Contributing Partners Within 7 Years72 mins
  • Capital Account Overview101 mins
  • Net Invest Income157 mins
  • QBI Aggregation Rules195 mins
  • Substantiality226 mins
  • Case Study - Recourse Debt - Guarantee Limited Partner270 mins
  • Case Study - Partner Basis Calculation323 mins
  • Tax Treatment to Partner352 mins
  • Overview of At-Risk Rules378 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?

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

Testimonial

4.3

(9)
44%
44%
11%
0%
0%

SH

Best My-cpe webinar I've attended. Presenter knows his stuff and presented an excellent, easy to understand overview. Also he pointed out pitfalls that lead to tax assessments. Great presentation! Patrick did a great job addressing 704 allocations. He is a keeper for these webinars.

PH

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