Preparing Partnership Returns Self-Study

Summary

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 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, guaranteed payments and separately stated items for partners
• Compute partnership net earnings (loss) from self-employment
• Recognize items that increase or decrease partner’s basis
• Determine which liabilities increase a partner’s at-risk basis
• Compute a partner’s end-of-year basis in a partnership
• Analyze distributions from a partnership for tax reporting
• Tally the QBI eligible amount

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.