2022 - Everything you need to know about Partnership

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • CVA
  • EA
  • ORTP
  • MRTP
  • CBA/MCBA
  • CFIRS
  • CWS

Published: April, 2022

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Partnership formations and basic
    6 mins
  • Partnership agreements for BBA
    43 mins
  • What can we contribute?
    72 mins
  • What can be specially allocated?
    118 mins
  • Property distributions - Affects on outside basic
    159 mins
  • Inside and outside basis
    212 mins
  • Ending a partnership
    243 mins
  • Basics on 751(1) calculation - Hypothetical sales
    305 mins
  • 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

Course Qualification

Webinar Qualifies For

  • 8 General Credit for Accountant/Bookeeper
  • 8 CE Credit for Annual Filing Season Program (AFSP)
  • 8 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0932)
  • 8 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01115-22-S)
  • 8 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01115-22-S)
  • 8 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01115-22-S)
  • 8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 8 CPE Credit of Taxes for Certified Valuation Analyst (CVA)
  • 8 CPE Credit of Taxes for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 8 CE Credit for Certified Wealth Strategist (CWS)

Additional details

  • Course Level :
    Basic
  • Credits :
    8
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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.

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.

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.

Presenter

About Presenter

Nicholas Preusch

Certified Public Accountant (CPA), Nicholas Preusch

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the  AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.4

16 Ratings

Excellent

8

Very Good

6

Average

2

Poor

0

Terrible

0

HS

Henry Staaterman, CPA (US)

May 15th, 2022

no

IH

Iqbal Hasan, CPA (US)

Aug 1st, 2022

I would look for better partnership tax courses!

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