Webcast: Hands-On Tax Return Workshop - Partnerships and LLCs (Form 1065)
371 | Webcast | Basic | Scheduled
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.
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Tax return preparers, staff accountants, and paraprofessionals with little or no experience and out of practice public accountants seeking a basic tax return preparation course.
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:
- Extensive review of the partnership income tax laws with an emphasis on any new legislative changes
- 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 percent 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
Once participants have completed this session, they should be able to:
- 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)
- Member (Early Bird)
- Non-Member (Early Bird)
J. Patrick Garverick, CPA, MT, CFP
Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.
In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants, and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession's most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.
During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater.Back to Instructors