Hands-On Tax Return Workshop - Partnerships & LLCs (Form 1065) WEBCAST - Partnered with the Oregon Society

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 and limited liability partnership 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.

Highlights

This session is taught using a Hands-On methodology. Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1065 and related schedules. Each participant will receive a comprehensive partnership income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: Comprehensive review of partnership income tax laws, with emphasis on new legislative changes and the status of expiring or extended provisions. Comparison of partnerships, LLCs and LLPs, Overview the formation of a partnership/LLC and the Section 704(c) pre-contribution gain or loss rules, Schedule K analysis– determine if income statement items are separately 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 deduction, 3.8% net investment income tax and business interest expense limitations, and more. 

Prerequisites

None.

Designed For

Tax return preparers, staff accountants, and paraprofessionals with little or no experience and out of practice public accountants seeking a basic LLC and LLP tax return preparation course.

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.

Preparation

None.

Notice

Qualifies for EA Credit.