CPE PACKAGES (Incl. Ethics) for Multiple States and Qualifications @ $4/credit. CLICK HERE to view.

Partnership Preparation, Basis Calculations & Distributions–Form 1065 Schedule K & K-1 Analysis

Detailed Tax Workshop on Partnership IRS Form 1065

8 Credits

$120

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

8 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00245-20-S)

8 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0252)

8 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

8 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

8 CE credit of Federal Tax Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00245-20-S)

8 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00245-20-S)

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

  • No Gain or Loss on Contribution of Property
    29 mins
  • Traditional Method with Curative Allocations
    64 mins
  • Purpose of Book Capital Accounts
    97 mins
  • Partner's Share of Partnership Items
    119 mins
  • Schedule K-1 Reporting - Net Investment Income
    184 mins
  • Qualified Items of Income, gain, deduction, and loss
    206 mins
  • Limitation on Business Interest
    241 mins
  • Partnership Fringe Benefit Rules
    275 mins
  • Cancellation of Indebtedness (COD) Issues
    309 mins
  • Disproportionate Distributions of Hot Assets
    363 mins

Course Description

This comprehensive online continuing education 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 Online CPE/CE 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.

This online CPE/CE webinar covers the following key topics:

  • An extensive review of the partnership tax laws with an emphasis on any new legislative changes (SECURE & CARES Act)
  • Review 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 the 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 elections 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. 

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. 

Access other online CPE/CE Courses for CPAs, EAs, AFSP, and Tax Professionals:

Tax Update Courses for CPAs, EAs, AFSPs, and Tax professionals

IRS Audit, Representation, and Resolutions

Learning Objectives

  • To form a partnership and calculate the partnership’s initial inside basis in the assets and partner’s outside basis in the entity
  • To prepare a basic partnership (Form 1065) Schedule K including the reporting of cash and non-cash distributions
  • To 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
  • To calculate a partner/member’s outside basis and determine if losses and deductions are limited on their individual income tax return

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Valuation Analysts
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • 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