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


Total Credits: 8 including 8 Taxes - Technical

Average Rating:
   9
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 30 day(s) after program date.

Dates


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.

**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 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 non-cash 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

Major Subjects
  • Extensive review of the partnership tax laws with an emphasis on any new legislative changes
  • 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 detailed Schedule K-1 information reporting to partners/members needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations
  • Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member
  • Calculating the tax and §704(b) book capital accounts
  • Reporting recourse and non-recourse debt on the Schedule K-1Tax ramifications and reporting of cash and non-cash distributions including disproportionate distributions of “hot assets”
  • Overview of the §754 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)

Course Materials

Faculty

J. Patrick Garverick, CPA, MT, CFP®'s Profile

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

Thu, Aug 22, 2024 - 08:00am to 03:36pm MDT
Mon, Sep 09, 2024 - 08:00am to 03:36pm MDT
Wed, Oct 02, 2024 - 08:00am to 03:36pm MDT
Fri, Oct 25, 2024 - 08:00am to 03:36pm MDT
Thu, Nov 21, 2024 - 08:00am to 03:36pm MST
Fri, Dec 20, 2024 - 08:00am to 03:36pm MST

Additional Info

Basic Course Information

Prerequisites Background in partnership and individual income tax law
Advanced Preparation Background in individual and business income tax law
Designed For Tax professionals that need an in-depth training course on tax preparation issues, basis calculations and distributions rules for partnerships, LLCs and their owners.
Original Recording Date 08/2023
Course Developer The Tax U
Date Added to Catalog 08/26/2023

Additional Information

Complaint Resolution Policy

Please 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. 


Reviews

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Overall:      4.9

Total Reviews: 9