MYCPE ONE

Deep Dive into Form 1065 for Experienced Preparers

More Partnership Information than you can handle!

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Conference Overview

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 event 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.

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.

Completed

Continuing Education Credits

The sessions of the conference qualifies for

Qualification Credits Subject Area
CPA (US) 4 Taxes
Accountant/Bookkeeper/Tax Professionals 8 All
CWS 4 All
CFIRS 4 All

Sessions

Jul 14th, 2021

Speakers:
Speaker Name
Nicholas Preusch

Certified Public Accountant (CPA)
Nicholas Preusch

  • 4.6
  • rating
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There is no such thing as an easy partnership return. This course 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.

This session will cover the following key topics:

  • Partnership organizations
  • Partnership contributions
  • Special allocations
  • Current and Liquidating Distributions

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

Qualifies For

License details Credits Status
Accountant/Bookkeeper/Tax Professionals 4 General Credit Eligible
Taxes for Certified Public Accountants (CPA-US) 2 CPE Approved
Certified Fiduciary and Investment Risk Specialist (CFIRS) 2 CE Eligible
Certified Wealth Strategist (CWS) 2 CE Eligible

Other Details

Subject Area

-

Course Level

Basic

Instuctional Method

Group Internet Based

Pre-requisites

-

Advance Preparation

-

Speakers:
Speaker Name
Nicholas Preusch

Certified Public Accountant (CPA)
Nicholas Preusch

  • 4.6
  • rating
  • rating
  • rating
  • rating
  • rating

In Session 2, we 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 session of this online CPE Workshop are:

  • Capital Accounts
  • Inside and outside basis
  • IRC 737
  • Disguised Sales
  • IRC 754
  • Ending partnerships, Rev Rul 99-6 

Learning Objectives

  • 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. 

Qualifies For

License details Credits Status
Accountant/Bookkeeper/Tax Professionals 4 General Credit Eligible
Taxes for Certified Public Accountants (CPA-US) 2 CPE Approved
Certified Fiduciary and Investment Risk Specialist (CFIRS) 2 CE Eligible
Certified Wealth Strategist (CWS) 2 CE Eligible

Other Details

Subject Area

-

Course Level

Basic

Instuctional Method

Group Internet Based

Pre-requisites

-

Advance Preparation

-

Session Speakers

Nicholas Preusch
Nicholas Preusch

Certified Public Accountant (CPA)
Nicholas Preusch

Jul 14th, 2021

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Frequently Asked Questions

Virtual conference with MYCPE ONE is enveloped around a theme or subject or driven towards a particular audience, and is designed to be more collaborative; with a tremendously interactive agenda, panel discussions, and gives an option to all participants being able to turn their web cameras on and participate more actively. Virtual conference offers multiple sessions over a longer time frame of more than 8 hours. Virtual conferences help build a community or initiate networking opportunities.

MYCPE ONE is seamlessly integrated with ZOOM for conducting continuing education events. Please ensure that you check the system requirements before the event starts. The system requirements are :

  • An internet connection – broadband wired or wireless (3G or 4G/LTE)
  • Speakers and a microphone (required in case of interactive sessions) – Built-in, USB plug-in, or wireless Bluetooth
  • A webcam or HD webcam - built-in, USB plug-in (required in case of interactive sessions)
  • CLICK HERE to view the System Requirements for Zoom.

There is an official break scheduled for this workshop/events. Other than the scheduled break, the in-session breaks shall be available at discretion of the speaker.

The MYCPE ONE virtual events are designed to impart education around a specific theme or subject from a basic to an advanced level, which is why we do not recommend you to leave the event in between. However, if you had to leave the event because of some unforeseen circumstances, you would be granted the credits for the sessions that you attended completely and wherein you answered all the polling questions.

The recording of the event can be made available to you, on request. You can reach out to us at support@my-cpe.com or can also let us know through live chat support if you need a recording for this event. However, the recording shall not be available for Continuing Education Credits.


During every conference the chat panel shall always be open. You can mention the issue faced by you in the chat panel and our moderator will take it up for resolution shortly. You can also reach out to our support team in the live chat support or at support@my-cpe.com



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