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Tax Forms Boot Camp: LLCs and Partnerships (TBCL)

Friday, September 22, 2017
09:00 AM - 05:00 PM (Eastern)

Dennis Benvie, MS, CPA

  • Format Webinar
  • Credits 8
  • Level Basic
  • Field of Study Taxes (8)

Overview

Future tax specialists must have a strong base in the preparation of partnerships’ and limited liability companies’ 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 chapter-by-chapter, hands-on approach to completing a Form 1065. As details are discussed within each chapter, information is provided to prepare an intricate Form 1065. The manual concludes with the information from each chapter included on a “filled-in” Form 1065.

Major Topics:

  • Gain a thorough understanding of federal income tax laws for partnerships or LLCs, from formation to tax return preparation issues
  • 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
  • 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
  • Other developing issues and hot topics
  • Maximizing depreciation deductions
  • Partnership oddities with reporting depreciation, sales of assets, and guaranteed payments

Learning Objectives

  • Prepare an intricate Form 1065, step by step, with "filled-in" forms provided
  • Recognize the importance of Schedule M-1
  • Understand the basic concepts of partnership taxation
  • Be familiar with the results of the case studies that reinforce key learning points

Who should take this course:

Practitioners who need a basic understanding of LLC and partnership tax issues and the preparation of LLC and partnership federal tax returns

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