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Preparing Partnership Returns

Summary

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.

Objectives

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.

Course Details

Includes online workshop recording, PowerPoint presentation, interactive module and e-book. CPE is issued after exam is successfully completed.




   

Presented by: Steve O'Rourke, EA

How to Earn CPE

To receive credit for this on-demand webinar, you must make at least one attempt to answer each of the review questions included with the webinar video. You also must successfully pass the course exam with a score of 70% or better.

The course and exam will expire one year from the date of purchase.

Cancellation Policy

​Because this is an online education offering, it is nonrefundable.

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