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Partnership Preparation, Basis Calculations & Distributions: Form 1065 Schedule K & K-1 Analysis

8:30 am–4:15 pm ET

# of CPE Credits

8

Description

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.

Objective

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

Highlights

* 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

Required Knowledge

None

Advanced Prep

None

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 onlinelearning@ncacpa.org, 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 support@peachnewmedia.com.

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

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Also Available As

Webcast
Wednesday, December 18, 2019 (8:30 am–4:15 pm ET)
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Event Vendor:Phoenix Beach, LLC
Field of Study:Taxes
Level: Intermediate
Other:Enrolled Agent

Event Type:Webcast
Event Code:W0012619

Registration Fees

W0012619: Partnership Preparation, Basis Calculations & Distributions – Form 1065 Schedule K & K-1 Analysis Early Bird Regular
NCACPA Member N/A $280.00
Non-Member N/A $380.00
CPE Sponsors LogoThe National Registry of CPE Sponsors is a program offered by the National Association of State Boards of Accountancy (NASBA) to recognize CPE program sponsors who provide continuing professional education (CPE) programs in accordance with nationally recognized standards. The North Carolina Association of Certified Public Accountants is registered with 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/.

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