Hands-On Tax Return Workshop – Partnerships & LLCs (Form 1065)
Total Credits: 8 including 8 Taxes - Technical
- Average Rating:
- 7
- Categories:
- ACPEN Industry Institute | Tax | ACPEN Tax Institute | IRS Approved
- Faculty:
- J. Patrick Garverick, CPA, MT, CFP®
- Course Levels:
- Basic
- Duration:
- 8 Hours
- License:
- Product Setting: Expires 90 day(s) after program date.
Description
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.
**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
Basic Course Information
Learning Objectives- 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)
Major Subjects
- Extensive review of the partnership income tax laws with an emphasis on any new legislative changes
- Comparison of partnerships, LLCs and LLPs
- Overview the formation of a partnership/LLC and the §704(c) pre-contribution gain or loss rules
- Schedule K analysis– determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items
- How schedule K items get allocated to partners on schedule K-1s
- Look at detailed Schedule K-1 information reporting to partners needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations
- Learn the special tax treatment of fringe benefits paid on behalf of the partners and LLC members
- Comparing the tax and §704(b) book capital account computations
- 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
Course Materials
| Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (442.7 KB) | Available after Purchase | ||
| irs-ce-credit-request-form_2023_Hands-On Tax Return Workshop – Partnerships & LLCs (Form 1065 (344.5 KB) | Available after Purchase | ||
| HOWP Copyright & Participant Instructions - PLEASE READ - UPDATED 1/15/24 (2.3 MB) | Available after Purchase | ||
| eBook - Updated 1-15-24 (7.1 MB) | Available after Purchase | ||
Faculty
J. Patrick Garverick, CPA, MT, CFP® Related Seminars and Products
Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He 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, Mr. 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, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants, and the American Institute of Certified Public Accountants. Pat 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. He is in a very small group of instructors that are both extremely knowledgeable and interesting.
During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater.
Dates
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Wed, Jan 08, 2025 - 09:00am to 04:39pm CST
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Thu, Jan 23, 2025 - 09:00am to 04:39pm CST
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Fri, Feb 07, 2025 - 09:00am to 04:39pm CST
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Additional Info
Basic Course Information
Prerequisites NoneAdvanced Preparation None
Designed For 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.
Original Recording Date 11/2023
Course Developer The Tax U
Date Added to Catalog 08/28/2023
Yellow Book No
Additional Information
Complaint Resolution PolicyPlease contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement
Business Professionals' Network, Inc. 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
Instructional Delivery Method
Group Internet Based
Course Registration Requirements
Online Registration
Refund/Cancellation Policy
Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.
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