Preparing Partnership Returns
Tax professionals find this hands-on course is just what they need to expand their tax practice by preparing partnership returns. This course covers the basics of partnership taxation and completing a partnership return with accompanying schedules. Tax professionals also learn how to track partners’ basis in the partnership and the impact of partnership distributions.
Upon completion of this course, you will be able to:
- Identify the pros and cons of a taxpayer forming a partnership.
- Identify the tax consequences of forming a partnership, including contributions of property or services.
- Analyze a partnership agreement and profit/loss allocations.
- Complete a basic Form 1065, including Schedules K, K-1, L, M-1 and M-2.
- Correctly report fringe benefits for partners, guaranteed payments and separately-stated items.
- Compute partnership net earnings (loss) from self-employment.
- Recognize items that increase or decrease partnership basis.
- Compute a partner’s end of year basis in a partnership.
- Determine which liabilities increase a partner’s at-risk basis.
- Analyze distributions from a partnership for tax reporting.
Includes online workshop recording, PowerPoint presentation, interactive module and e-book. CPE is issued after exam is successfully completed.
Steve O'Rourke, EA