Live Stream: Reviewing Partnership Tax Returns - What Are You Missing?
248 | Livestream | Intermediate | Scheduled
Description
The partnership section of the Internal Revenue Code is arguably one of the most complicated. That complexity, and the reliability of tax software to properly handle it, can create many issues for you and your staff when processing your clients' LLC and partnership tax returns.
In this case study-based course, we discuss the common errors practitioners make on partnership tax returns that review staff often miss. The intent is to sharpen the skills of reviewers by examining four case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires further analysis and information. Matters discussed include income, deductions, K-1 reporting, and K-2 and K-3 reporting.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 4.00 | Taxes |
| 3.33 | CLE |
Designed For
Partners and managers in CPA firms, experienced CPA staff
Prerequisites
Basic knowledge of partnership taxation
Highlights
- Form 1065
- Schedules K and K-1
- Schedules M-1 and M-2
- Calculating recourse and nonrecourse liabilities
- Partner inside and outside basis
- Partner's capital account analysis
- Sections 704(b), 704(c), 721, 722, 732(b), 734(b), 737, 743(b)
Objectives
When you complete this course, you will be able to:
- Identify the mechanics of a partnership's tax return, including partner capital account calculations and permissible tax years
- Determine the proper allocation of recourse liabilities among partners
- Analyze the consequences of a new partner joining a partnership
- Determine depreciation expense among the contributing and noncontributing partners under Section 704(c)
- Determine the value of assets with nonrecourse liabilities
Prices
- Member (Early Bird)
- $189.00
- Non-Member (Early Bird)
- $249.00
- Member
- $189.00
- Non-Member
- $249.00
Instructors
Dennis Riley, CPA, MBA
Dennis Riley has more than 35 years of experience in accounting, consulting, tax preparation, and government representation. He specializes in the tax and business needs of individuals, families, and entrepreneurial small businesses.
He is a frequent lecturer on topics related to taxation and closely held businesses. He has received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills.
Riley's experience includes a range of services including negotiations with federal and state government tax authorities, offers in compromise, closing agreements, strategic business plans, litigation support, record reconstruction, business formation and dissolution, problem solving, and tax preparation. He has resolved multiple-year filing issues, organization issues, and business transition problems.
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