Partnership & LLC (Form 1065) - Formation to Liquidation

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  • Location
    • Your Computer
      Your Space
      ISCPA / ACPEN Webinar, ID 00000
  • Credits
    • 8.00
  • Credit Type(s)
    • Taxes (Technical) (8.00)
  • Prerequisites
    • Background in partnership and individual income tax law

  • Vendor
    • ACPEN
  • Level
    • Intermediate
  • Fields of Study
    • Taxes
  • Message
    • Virtual Experience

Description

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a partnership/LLC course focusing on the hottest tax topics and most frequently encountered issues. This case driven course will deal with both partnership/LLC and partner/member developments addressing the most common, yet complex Federal partnership/LLC issues and problems.

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com



  • Presented by J. Patrick Garverick

    • Delivery Format: Live Webcast Replay

    Designed For

    Tax professionals (in public or private industry) seeking a case driven income tax return course addressing many common, yet complex Federal partnership and LLC issues and problems.

    Objectives

    • Form a partnership/LLC and calculate the entity’s initial inside basis in the assets and partner/member’s outside basis in the entity
    • Understand the operational issues during the growth and maturity of a partnership/LLC and how the schedule K items get allocated to the partners/members on their individual Schedule K-1 effecting outside basis
    • Comprehend the tax ramifications of the sale versus redemption of a partnership/member interest

    Highlights

    • Extensive review of the partnership tax laws with an emphasis on any new legislative changes 
    • Overview of different forms of business entities including the check-the-box regulations
    • Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member
    • Schedule K and K-1 – separately stated versus non-separately stated income and expense items
    • Detailed Schedule K-1 reporting including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax
    • Calculating the tax and §704(b) book capital accounts
    • Substantial economic effect requirement to have special allocations to the partners/members
    • Allocation of recourse & non-recourse debt on K-1s
    • Guaranteed payment issues and tax treatment of fringe benefits
    • Self-employment tax issues and pitfalls
    • Tax treatment of distributions – cash versus non-cash & liquidating versus non-liquidating
    • Sales and liquidations (redemptions) of partnership interests
    • §754 optional basis adjustments and mandatory adjustments

    Advanced Prep

    Background in individual and business income tax law

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    Leaders

    ACPEN Panel

    No Biography Available

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