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 kori.herrera@acpen.com
DESIGNED FOR
Tax return preparers, staff accountants, and paraprofessionals with little or no experience and out of practice public accountants seeking a basic partnership tax return preparation course.
BENEFITS
- 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)
HIGHLIGHTS
- 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
PREREQUISITES
None
ADVANCE PREPARATION
None