PARTNERSHIP PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS–FORM 1065 SCHEDULE K & K-1 ANALYSIS

This comprehensive training is designed to get the accountant up to speed quickly with partnership and limited liability company (LLC) formation and preparation issues as well as a complete understanding of calculating a partner and LLC member’s basis. The cornerstone…

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This comprehensive training is designed to get the accountant up to speed quickly with partnership and limited liability company (LLC) formation and preparation issues as well as a complete understanding of calculating a partner and LLC member’s basis. The cornerstone of this course is the in-depth line-by-line analysis of the Form 1065 Schedule K and K-1 and how these items affect the partner/member’s individual income tax return. Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies.MAJOR TOPICS COVERED :An extensive review of the partnership tax laws with an emphasis on any new legislative changes (SECURE & CURES Act)Review the Form 1065 to learn how income statement items get reported on the partnership/LLC tax return (i.e. page 1 ​versus Schedule K) and flow-thru to the partner/members on Schedule K-1Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual’s Federal income tax return and how the items affect the partner/member’s outside basisLook at what relevant information related to the 3.8% net investment income tax needs to be reported to the partners/membersFormation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/memberThe purpose of tax and §704(b) book capital accountReporting recourse and non-recourse debt on the Schedule K-1Tax ramifications and reporting of cash and non-cash distributions including disproportionate distributions of “hot assets”Overview of the §754 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)J. Patrick Garverick is one of the most admired and best-reviewed Tax Speaker in the country and we are offering the classes at a much-discounted price during the pandemic. His courses have been best-reviewed time and again For Quality of ContentFor Relevance and Practical Case studiesFor Best Teaching ApproachFor Best Course MaterialAwards and AccoladesAward for Instructor Excellence for California Education FoundationAward for Outstanding Course materials for California Education Foundation.Rated top tax instructor in nearly every location he has presented One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. After registering for this webinar you will get Free E-Book worth $200. The book would be emailed to you, a day before the webinar on your registered email address on myCPE. The book is copyright protected. 

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