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Overview

8.0 Credits
ONLINE

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.

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 (i.e. asking the right questions)

Major Topics

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 (e.g., the One Big Beautiful Bill) and the status of expiring or extended provisions.
  •     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

 

Prerequisite

None

Advanced Preparation

None

Sessions

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Wednesday, January 13, 2027

General Sessions
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