Partnership & LLC (Form 1065) - Formation to Liquidation
8.00 Credits
Member Price $300
Non-Member Price $400
Overview
With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a partnership/LLC course focusing on the hottest tax topics and most frequently encountered issues. This case driven course will deal with both partnership/LLC and partner/member developments addressing the most common, yet complex Federal partnership/LLC issues and problems.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Highlights
- Extensive review of the partnership tax laws with an emphasis on any new legislative changes
- Overview of different forms of business entities including the check-the-box regulations
- Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member
- Schedule K and K-1 – separately stated versus non-separately stated income and expense items
- Detailed Schedule K-1 reporting including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax
- Calculating the tax and §704(b) book capital accounts
- Substantial economic effect requirement to have special allocations to the partners/members
- Allocation of recourse & non-recourse debt on K-1s
- Guaranteed payment issues and tax treatment of fringe benefits
- Self-employment tax issues and pitfalls
- Tax treatment of distributions – cash versus non-cash & liquidating versus non-liquidating
- Sales and liquidations (redemptions) of partnership interests
- §754 optional basis adjustments and mandatory adjustments
Prerequisites
Background in partnership and individual income tax law
Designed For
Tax professionals (in public or private industry) seeking a case driven income tax return course addressing many common, yet complex Federal partnership and LLC issues and problems.
Objectives
- Form a partnership/LLC and calculate the entity’s initial inside basis in the assets and partner/member’s outside basis in the entity
- Understand the operational issues during the growth and maturity of a partnership/LLC and how the schedule K items get allocated to the partners/members on their individual Schedule K-1 effecting outside basis
- Comprehend the tax ramifications of the sale versus redemption of a partnership/member interest
Preparation
Background in individual and business income tax law
Leader(s):
Leader Bios
J. Patrick Garverick, Co-Owner, Phoenix Beach, LLC
Pat Garverick, CPA, MT, CFP®, began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Garverick began operating his own tax and financial planning business. He also started writing, reviewing and teaching tax and financial planning continuing professional education courses around the country.
In addition to being a CPA, Garverick is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Garverick is a member of the Arizona Society of Certified Public Accountants and the American Institute of Certified Public Accountants. He has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise and high energy have made him one of the profession’s most highly rated speakers.
Non-Member Price $400
Member Price $300