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

8:30 am–4:15 pm ET

# of CPE Credits



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. A 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.


Once participants have completed this session, they should be able to * Prepare a complete Form 1065 income tax return and related schedules with minimal review points * Understand the partnership income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions)


* This session is taught using a Hands-On methodology * Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1065 (and related schedules) * Each participant will receive a comprehensive partnership income tax reference manual that includes numerous practice aids, real-world examples, new federal income tax forms and schedules, and the Phoenix Beach Quick Reference Chart * Topics include * 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 * Comparison of partnerships, LLCs, and LLPs * Overview the formation of a partnership/LLC and the §704(c) precontribution gain or loss rules * Schedule K analysis—determine if income statement items are separately (i.e. Schedule K) or nonseparately stated income and expense items * How Schedule K items get allocated to partners on Schedule K-1s * Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the partners * Learn the special tax treatment of fringe benefits paid on behalf of the partners and LLC members * Discuss partner guaranteed payments and self-employment tax issues * Schedule M-1—reconciliation of income or loss per books with income or loss per income tax return * Schedule M-2—analysis of partners’ capital accounts * Review the importance and basics of calculating a partner/member’s outside tax basis * Overview of the tax treatment of distributions, recourse, and nonrecourse debt allocations, §754 election for optional basis adjustments, and §743/§734 mandatory basis adjustments

Who Should Attend

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

Required Knowledge


Advanced Prep


Event Speaker(s)

J. Patrick Garverick ( Garverick CPE, Goodyear, AZ ),

Additional Event Information

Technical Support
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly.

If you need assistance with internet access issues, browser capability, or when the NCACPA office is closed* please call Freestone Technical Support at 866-702-3278 or by email at [email protected] .

*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via email 30 minutes prior to the start of a live online program.

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Also Available As

Wednesday, September 7, 2022 (8:30 am–4:15 pm ET)
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Tuesday, December 20, 2022 (8:30 am–4:15 pm ET)
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Friday, November 18, 2022 (8:30 am–4:15 pm ET)
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Thursday, January 26, 2023 (8:30 am–4:15 pm ET)
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Level: Basic

Event Code:W0005322

Registration Fees

RegistrationEarly BirdRegular
NCACPA MemberN/A$260.00
CPE Sponsors LogoThe North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.

For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.