Future tax specialists must have a strong base in the preparation of partnerships and limited liability company’s returns. This boot camp provides an in-depth foundational center of the forms, along with other common to advanced issues of partnerships and limited liability companies. The course includes a hands-on approach to completing a Form 1065, including a “filled-in” answer to a sample taxpayer return.

Major Topics:

  • Gain a thorough understanding of federal income tax laws for partnerships or LLCs, from formation to tax return preparation issues
  • Assess critically tax basis for recourse and nonrecourse debt
  • Understand the proper year end
  • Review an often overlooked §704(c) pre-contribution gain
  • Adjustments, permitted special allocations, and self-employment tax issues
  • Complete coverage of any new legislation enacted before presentation
  • Are capital accounts the same as basis? NO, they are not!
  • Partnership distributions – current or liquidating, cash or property
  • What business arrangements qualify, or, by default, are treated, as partnerships
  • Other developing issues and hot topics

Learning Objectives:

  • Prepare a basic Form 1065, step by step, with “filled-in” forms provided
  • Recognize the importance of Schedule M-1
  • Understand the basic concepts of partnership taxation

Designed For: Practitioners who need a basic understanding of LLC and partnership tax issues and the preparation of LLC and partnership federal tax returns
Level of Knowledge: Basic
Prerequisite: None
Advanced Preparation: None
Credits: 8