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Best Tax Return Workshop - Partnerships & LLCS (Form 1065) Latest

  • AFSP
  • CPA (US)
  • CVA
  • EA
  • Tax Preparer
  • CRTP

Published: November, 2021

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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 distributions, sales of interests & 754 election
    15 mins
  • Spouses can elect out of partnership taxation
    32 mins
  • Pre-Contribution gain & loss
    81 mins
  • Partner's initial outside Tax basis
    103 mins
  • Buckeye consulting LLC - Comprehensive partnership tax return
    142 mins
  • Net investment income tax
    258 mins
  • Qualified business income deduction
    282 mins
  • Partnership varying interest rules
    320 mins
  • Allocating resourse liabilities to partners
    364 mins

Course Description

This case-driven online continuing education training is designed to get the inexperienced accountant up to speed quickly in the most common areas of partnership, limited liability company (LLC), and limited liability partnership (LLP) taxation. A cornerstone of this course is the preparation of Form 1065 using a fairly complex trial balance common to most partnerships, LLP, and LLC income tax returns.

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, and losses, and 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. While the partnership pays its partners, the partners aren't employees and don't receive a W-2. Instead, the partnership supplies each partner copies of Schedule K-1 (Form 1065) which reports partners' share of income, credits, and deductions. Here is more about how partnerships report to the Internal Revenue Service (IRS) and the documents needed to file Federal Income Taxes for a partnership.

Certified public accountants are always looking for convenient ways to complete their continuing professional education requirements. With tax season rapidly approaching, there is no better time to brush up on your partnership income tax knowledge than now with myCPE webinar. The online CPE/CE webinar provides a comprehensive hands-on, pencil-pushing understanding of the preparation of partnership/LLC tax returns, along with the underlying laws, regulations, etc. This online CPE/CE course and instruction delivery is geared toward basic understanding and progresses to complex issues.

​This online continuing education session is taught using a Hands-On methodology.  Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1065 (and related schedules).

Key topics included in this online CPE webinar:

  • An extensive review of the partnership tax laws with an emphasis on any new legislative changes 
  • Comparison of partnerships, LLCs and LLPs
  • Overview of the formation of a partnership/LLC and the §704(c) pre-contribution gain or loss rules
  • Schedule K analysis– determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items
  • How schedule K items get allocated to partners on schedule K-1s
  • Look at detailed Schedule K-1 information reporting to partners needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations
  • Learn the special tax treatment of fringe benefits paid on behalf of the partners and LLC members
  • Discuss partner guaranteed payments and self-employment tax issues 
  • Schedule M-1 – reconciliation of income or loss per book with income or loss per income tax return
  • Schedule M-2 – analysis of partners’ capital accounts
  • Review the importance and basics of calculating a partner/member’s outside tax basis.
  • Overview of the tax treatment of distributions, recourse and nonrecourse debt allocations, §754 election for optional basis adjustments and §743/§734 mandatory basis adjustments

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. 

During this webinar, you will get Free E-Book worth $200. The book will be shared with you during the webinar. The book is copyright protected

Learning Objectives

  • To learn the special tax treatment of fringe benefit paid on behalf of the partners and LLC members
  • To recognize the partnership income tax law from a tax-form perspective
  • To identify the Efficient use the information gathering process (i.e. asking the right questions) to prepare returns
  • To identify how schedule K items get allocated to partners on schedule K - 1s
  • To recognize the difference between partnerships, LLCs and LLPs

Recommended For

  • This online IRS-approved CE course is recommended for CPAs, EAs, AFSPs, and Other Tax Professionals involved in the review or filing of federal tax returns for partnerships and LLCs.

Who Should Attend?

  • Accountant
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Valuation Analysts
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 8 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-T-00072-19-S)
  • 8 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00072-19-S)
  • 8 CPE Credit for Certified Valuation Analyst (CVA)
  • 8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 8 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0048)
  • 8 CE Credit of Taxes for Annual Filing Season Program (AFSP)

Presenter

About Presenter

J. Patrick Garverick, CFP (CA), CPA (US)

Accounting Manager The Garvs, LLC

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. 

About Company

The Garvs, LLC

thetaxu.com/

Since 1993 award winning author and instructor J. Patrick “Pat” Garverick, CPA, MT, CFP® has been providing tax and financial training educational courses to business professionals through out the country.  Pat is recognized as one, if not THE best tax instructor in the country.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
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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.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, 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 continuing education requirement as 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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Ratings and Review

4.7

28 Ratings

Excellent

18

Very Good

9

Average

0

Poor

1

Terrible

0

LC

Linda Cunningham, CPA (US)

Dec 14th, 2021

Pat is a great instructor

GO

Glen Olsen, CPA (US)

Dec 30th, 2021

The title of this course should be how to fill out every line on form 1065.