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Overview

4.0 Credits
ONLINE

Discuss the common errors practitioners make on partnership tax returns that are often missed by review staff. The intent is to sharpen reviewer skills by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires further analysis and information. Multiple topics will be addressed, including income, deductions and K-1 reporting.

Objectives

  • Identify common mistakes made on partnership tax returns.
  • Calculate the balance in the partners’ capital accounts and enter the results on Form 1065 and on the Schedules K-1.
  • Identify the purposes of Schedules L, M-1, and M-2.
  • Recognize the tax treatment, both at the partner and the partnership level, of guaranteed payments to a partner.
  • Identify and report Section 1202 gains on Form 1065.
  • Determine the ordinary loss to the partners from the sale of Section 1244 stock.
  • Determine how installment sales are taxed and disclosed by partnerships.
  • Determine book value following a revaluation of LLC or partnership assets.
  • Determine strategies to avoid making mistakes on partnership tax returns.

Major Topics

• Form 1065
• Schedules K and K-1
• Schedules M-1 and M-2
• Form 4562
• Form 4797

Prerequisite

Basic knowledge of partnership income taxation

Sessions

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Tuesday, November 19, 2024

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