Overview
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Partnership formations and basic
6 mins
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Partnership agreements for BBA
43 mins
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What can we contribute?
72 mins
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What can be specially allocated?
118 mins
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Property distributions - Affects on outside basic
159 mins
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Inside and outside basis
212 mins
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Ending a partnership
243 mins
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Basics on 751(1) calculation - Hypothetical sales
305 mins
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General partner v Limited partner - Syndicate
376 mins
Course Description
Initial partnership considerations go beyond registering the name, applying for identification numbers, and preparing the Articles of Organization. Key to the formation is a partnership agreement that spells out how day-to-day and sticky aspects of running a business are handled. Creating the partnership agreement and setting up the proper entity/structure for the partnership are the two most important steps in the partnership process.
Flexibility is a primary reason businesses select to operate as a partnership or LLC. Significant flexibility is allowed when initially funding the partnership. In addition to the known considerations, other key considerations are often overlooked. Transferring ownership and whether this right is unrestricted, payouts on the dissolution of the partnership, and the level at which capital accounts are required to be maintained should all be addressed at formation.
Partnerships have specific tax reporting requirements that are different from other businesses. Partnership taxes are a two-step process: The partnership as an entity must report income, gains, losses, credits, and deductions, like other businesses. However, partnerships don't pay taxes on the income. Instead, the partners pay taxes on their share of the partnership income they're paid.
Join Nicholas Preusch in this CE/CPE tax webinar to understand everything you need to know about partnerships and how to prepare partnership tax returns.
Following are the major topics covered in this online taxation course:
- Partnership formations
- Partnership allocations
- Partnership distributions
- Partnership capital accounts
- Outside and inside basis
- Disguised sales
- Basis adjustments under IRC 754
- IRC 199A issues
- Passive activity issues relating to partnerships.
Learning Objectives
- To analyze the basis of partnerships.
- To inspect how special allocations work.
- To discuss complex calculations for partnerships like IRC 751 and liquidating distributions.
- To discuss how to comply with disclosure requirements.
- To analyze the ins and outs of partnership return preparation.
Recommended For
- This IRS-approved CE webinar is recommended for CPA, EA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, Tax partners, tax attorneys, and other tax practitioners who want to understand everything you need to know about partnerships and how to prepare partnership tax returns.
Who Should Attend?
- Accountant
- Accounting Firm
- Bookkeepers & Accountants & Tax Preparers
- California Registered Tax Professional
- Certified Valuation Analysts
- CPA (Industry)
- CPA - Mid Size Firm
- CPA - Small Firm
- Enrolled Agent
- Maryland Tax Preparers
- Oregon Tax Preparers
- Staff of Accounting Firm
- Tax Accountant (Industry)
- Tax Director (Industry)
- Tax Firm
- Tax Managers
- Tax Practitioners
- Tax Preparer
- Tax Professionals
