Future tax specialists must have a strong base in the preparation of partnerships and limited liability companys 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.
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
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 Field of Study: Taxes(8) CFP Credit: No