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.
Once participants have completed this session they should be able to * Form a partnership and calculate the partnership’s initial inside basis in the assets and partner’s outside basis in the entity * Prepare a basic partnership (Form 1065) Schedule K including the reporting of cash and noncash distributions* Understand how the schedule K items get allocated to the partners/members on their individual Schedule K-1 * List the three main reasons for calculating a partner/member’s basis in a partnership/LLC * Calculate a partner/member’s outside basis and determine if losses and deductions are limited on their individual income tax return
* Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies * Topics include but are not limited to *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 * 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-1 * Analyze 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 basis * Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the partners/members * Formation issues including the mandatory allocation of the §704(c) precontribution gain or losses back to the contributing partner/member * The purpose of tax and §704(b) book capital account * Reporting recourse and nonrecourse debt on the Schedule K-1 * Tax ramifications and reporting of cash and noncash distributions including disproportionate distributions of “hot assets” * Overview of the §754 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)
Who Should Attend
Tax professionals who need an in-depth training course on tax-preparation issues, basis calculations, and distributions rules for partnerships, LLCs, and their owners
Additional Event Information
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|W0009119: Partnership Preparation, Basis Calculations & Distributions – Form 1065 Schedule K & K-1 Analysis||Early Bird||Regular|
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