Hands-On Tax Return Workshop - Partnerships & LLCs (Form 1065)
Wednesday, January 08, 2025
Webcast or Webinar, Online
10:00AM - 5:39 PM (opens at 9:30 AM) EST
8Credits
Technical Business
Registration is Open
Members
$300.00 Regular Price
Non-Members
$400.00 Regular Price
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$160.00 Members / $224.00 Non-Members
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Course Type: Webcast
Course Code: 24/AC885727
Level: Basic
Vendor: ACPEN
Field of Study: Taxes
Overview:
This case-driven 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 the Form 1065 using a fairly complex trial balance common to most partnership, LLP and LLC income tax returns.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to [email protected]
Objectives:
- Prepare a complete Form 1065 income tax return and related schedules with minimal review points
- Understand the partnership income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions)
Major Topics:
- Extensive review of the partnership income tax laws with an emphasis on any new legislative changes
- Comparison of partnerships, LLCs and LLPs
- Overview 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
- Comparing the tax and §704(b) book capital account computations
- Discuss partner guaranteed payments and self-employment tax issues
- Schedule M-1 – reconciliation of income or loss per books 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
Major Topics:
- Extensive review of the partnership income tax laws with an emphasis on any new legislative changes
- Comparison of partnerships, LLCs and LLPs
- Overview 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
- Comparing the tax and §704(b) book capital account computations
- Discuss partner guaranteed payments and self-employment tax issues
- Schedule M-1 – reconciliation of income or loss per books 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