Partnership & LLC (Form 1065) – Formation to Liquidation
Total Credits: 8 including 8 Taxes - Technical
- Average Rating:
- 17
- Categories:
- ACPEN Industry Institute | Tax | ACPEN Tax Institute | IRS Approved
- Faculty:
- J. Patrick Garverick, CPA, MT, CFP®
- Course Levels:
- Intermediate
- Duration:
- 8 Hours
- License:
- Product Setting: Expires 90 day(s) after program date.
Description
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
Basic Course Information
Learning 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
Major Subjects
- 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
Course Materials
| Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (442.7 KB) | Available after Purchase | ||
| irs-ce-credit-request-form_2023_Partnership & LLC (Form 1065) (344.6 KB) | Available after Purchase | ||
| Partnership & LLC (Form 1065) – Formation to Liquidation Handout - UPDATED 11/19/24 (3.2 MB) | Available after Purchase | ||
| eBook - Updated 11/19/24 (6.2 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 22, 2025 - 09:00am to 04:38pm CST
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Thu, Feb 20, 2025 - 09:00am to 04:38pm CST
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Additional Info
Basic Course Information
Prerequisites Background in partnership and individual income tax lawAdvanced Preparation Background in individual and business 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.
Original Recording Date 08/2023
Course Developer The Tax U
Date Added to Catalog 08/26/2023
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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