The Business Learning Institute - Events - Hands-On Tax Return Workshop

Hands-On Tax Return Workshop - Partnerships & LLCs (Form 1065)

Description		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. The 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 differences between partnerships, LLPs and LLCs Become familiar with tax law from a tax-form perspective with an emphasis on any newly enacted legislation Become more knowledgeable with the information gathering process (i.e. asking the right questions)
Highlights		Using a comprehensive trial balance the participant will prepare the Form 1065 and related schedules Comparison of partnerships, LLCs and LLPs Schedule K and K-1 preparation including separately and non-separately stated income and expense items Deductibility of fringe benefits at the entity level and the tax treatment to the partners/members Guaranteed payments versus wages Self-employment tax issues and pitfalls Schedule M-1 calculation of book to tax reconciliation items Schedule M-2 analysis of partners capital accounts Calculation of partner/members outside basis Basic discussion of the deductibility of losses including basis, at-risk and passive activity loss limitations Basic overview of the tax treatment of distributions, recourse and non-recourse debt allocations and 754 optional basis adjustments
Designed For		Tax return preparers, staff accountants and paraprofessionals with little or no experience and out of practice public accountants seeking a basic partnership tax return preparation course.
Recommended CPE Credits		8
Prerequisites		None
Event Id / Acronym		10HOWP
Course Level		Basic
Field(s) of Study		Taxes
Producer		Garverick Province, LLC
Instructor