Staff Tax Training: Partnerships and LLCs (Form 1065) | 4202128B
Wednesday, January 13 – Thursday, January 14, 2021
This two-day training course provides a comprehensive understanding of the Federal income tax laws applicable to partnerships, LLCs and LLPs, and their owners. Discuss recent tax laws and theories, with real-world case scenarios showing the preparation and review of tax forms and schedules. Attendees will receive a comprehensive partnership/LLC income tax reference manual that includes practice aids; real-world examples; new Federal income tax forms and schedules; and Pat Garverick's Quick Reference Chart.
Idnentify federal income tax laws applicable to partnerships and LLCs and their partners from formation to liquidation (i.e., theory) and apply this from a tax-form perspective (i.e., tax prepartion).
Prepare a complete Form 1065 income tax return and related schedules with minimal review points.
Extensive review of the partnership tax laws with an emphasis on any new legislative changes including the Tax Cuts & Jobs Act (TCJA) new 20% qualified business income (QBI) deduction and changes to the interest deduction, fringe benefits and entertainment expenses
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 - preparation issues including separately and non-separately stated income and expense items
Understand the substantial economic effect requirement to have special allocations to the partners/members
Allocation of recourse and non-recourse debt to the schedule K-1s
Deductibility of fringe benefits including health insurance premiums
Guaranteed payments & self-employment tax issues and pitfalls
Overview of calculating a partner/member's outside basis and discuss how partnership losses and deductions can be limited to basis and the at-risk rules
§754 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)
Partnership liquidation and distribution tax ramifications at both the partnership and partner level