November 28 – 29, 2022


Webinar


16 Total CPE Credits

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Staff Tax Training: Partnerships and LLCs (Form 1065)

Learning Objectives

  • Understand the Federal income tax laws applicable to Partnerships/LLCs and their partners from formation to liquidation (I.e. theory) and apply this from a tax-form perspective (I.e. tax preparation)
  • Prepare a complete Form 1065 income tax return and related schedules with minimal review points

Major Topics

  • Extensive review of the partnership tax laws with an emphasis on any new legislative changes and Form 1065 (and related schedules) preparation issues
  • Overview of different forms of business entities including the check-the-box regulations
  • Formation issues including the mandatory allocation of the 704(c) pre-contribution gain or losses back to the contributing partner/member
  • Schedule K and K-1 - preparation issues including separately and non-separately stated income and expense items
  • Understand the substantial economic effect requirement to have special allocations to the partners/members
  • Allocation of recourse and non-recourse debt to the schedule K-1s
  • Deductibility of fringe benefits including health insurance premiums
  • Guaranteed payments & self-employment tax issues and pitfalls
  • Overview of calculating a partner/members outside basis and discuss how partnership losses and deductions can be limited to basis and the at-risk rules
  • 754 election for optional basis adjustments triggering 743 (transfer of interests) and 734 (distributions)
  • Partnership liquidation and distribution tax ramifications at both the partnership and partner level

CPE Credits Available

16
Total CPE
16
Taxes

Things to Know About This Course

Prerequisites

Basic understanding of individual income taxation.

Advanced Preparation

None

Intended Audience

Tax return preparers, staff accountants and paraprofessionals with little or no experience, as well as out-of-practice public accountants seeking a comprehensive basic partnership and LLC income tax course.

Provider

California Society of CPAs

Register For This Event

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    $ 579 579
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  • ASCPA Non-Member

    $ 769 769
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