Preparing Partnership Returns Self-Study

Summary

Are you looking to expand your practice by preparing partnership returns? This is a great course for you! You will learn the basics of partnership taxation and completing a partnership return with accompanying schedules. You'll 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 advantages and disadvantages of 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 (losses) for 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

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.