Hiring Remotely: Using Personality Assessments for Better Hiring Decisions WEBCAST

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.

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 or LLC and the Section 704(c) pre-contribution gain or loss rules. Schedule K analysis. 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. Learn the special tax treatment of fringe benefits paid on behalf of the partners and LLC members. Comparing the tax and Section 704(b) book capital account computations. Discuss partner guaranteed payments and self-employment tax issues. Schedule M-1. Schedule M-2. Review the importance and basics of calculating a partner’s outside tax basis. Overview of the tax treatment of distributions, recourse and nonrecourse debt allocations. Section 754 election for optional basis adjustments. Section 743 and Section 734 mandatory basis adjustments.

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 partnership 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

None.