Deep Dive Into Form 1065 For Experienced Preparers

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS

Published: August, 2021

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Exempt Status
    11 mins
  • Why is Getting the 990 Correct Important?
    26 mins
  • Form 990 - Program Services
    58 mins
  • General Overview
    83 mins
  • Related Organizations
    104 mins
  • Substantially Related
    123 mins
  • Schedules
    136 mins

Course Description

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. 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 webinar covers this comprehensive approach in two parts. The first part instruction delivery is geared toward basic understanding and progresses to complex issues. While the second part deals with complex issues on the subject. 

Key topics included in this online CPE workshop:

  • 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 to 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.
  • Overview of the tax treatment of distributions, recourse and nonrecourse debt allocations, §754 election for optional basis adjustments and §743/§734 mandatory basis adjustments.


There is no such thing as an easy partnership return. This part will look at more complex 1065 topics that you need to know in order to prepare a partnership return. It will look at things such as 704(c) property, disguised sales and basis adjustments. We will not only look at the complex ideas to help you prepare the tax returns, but will also look at how they relate to the tax return and what needs to be done on the tax return. In this part, the speaker will provide a step-by-step practical and interactive insight on complex issues persisting in the world of tax reporting for partnerships.

Key topics covered in this online CPE Webinar:

  • Partnership organizations
  • Partnership contributions
  • Special allocations
  • Current and Liquidating Distributions
  • Capital Accounts
  • Inside and outside basis
  • IRC 737
  • Disguised Sales
  • IRC 754
  • Ending partnerships, Rev Rul 99-6 


Click to access more CPE webinars on Latest Tax Update CE/CPE Webinars | Free CPE Ethics Courses | Free CPE Webinars 

Learning Objectives

  • 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 Learn about Capital Accounts, Disguised Sales and Related complex issues pertaining in Partnership Taxes
  • To get a comprehensive understanding about the complex issues such as IRC 754 and Ending of Partnerships etc. 

Recommended For

  • This Online Continuing Education webinar on Taxes is recommended for CPAs, EAs, AFSPs, and Other Tax Professionals looking for a comprehensive understanding on tax returns of Partnerships and LLC

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Director of Accounting
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 4 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00666-21-S)
  • 4 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 4 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0630)
  • 4 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 4 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00666-21-S)
  • 4 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00666-21-S)
  • 4 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 4 CE Credit for Certified Wealth Strategist (CWS)
  • 4 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    4
  • 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

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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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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