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AA. Introduction to the Federal Income Tax Issues of Partnership Taxation and the Preparation of Form 1065 | Webinar

Course Price: $179.00
CPE Credits
5
Date
Thursday, June 30, 2022
Course Time
10:00am - 02:30pm PT
11:00am - 03:30pm MT
12:00pm - 04:30pm CT
01:00pm - 05:30pm ET
Advanced Preparation
None
Course Level
Intermediate
Prerequisite
The participant should have a familiarity with the tax concept of a pass through entity for Federal Tax preparation. The participant should understand the issues of the investor who owns an interest in a general partnership and Limited Liability Company
IRS CPE
5
NASBA CPE
5
CTEC CPE
5
Instructor
Paul La Monaca CPA, MST
Course Description

This course will introduce the tax professional to the preparation of Form 1065 for an entity doing business as partnership under Sub-chapter K of the Internal Revenue Code. It will discuss the issues pertaining to the entity itself not being subject to an income tax and the pass through those of tax characteristics to the investors. For the experienced preparers of Form 1065 it will strengthen the tax knowledge dealing with distributions, limitation on losses, special allocations issues and the concept of entity debt creating basis for the partners. It will reiterate the importance of inside and outside basis issues and the requirement of maintaining capital accounts for the partners. This course will discuss the tax issues of formation operation and legislation for both the entity and the investors.

IRS: Federal Tax Law Topics 5 CPE

CTEC: Tax Law 5 CPE

NASBA: Taxes 5 CPE

Learning Objectives

This course will provide the tax professional with the tools necessary to properly prepare the Form 1065 and the related Schedule K-1 of the partners. It will discuss the items which increase and decrease partner basis as well as discuss the impact of debt of the partnership. The course will discuss guaranteed payments to partners of the partnership as well as self-employment tax issues and distributions to partners.

  • The course will discuss the general rule of tax free formation of the partnership to both the partners and the partnership under §721 as well as the designated exceptions to the non-recognition of income.

  • The course will discuss the differences of the general partnership vs. other pass through entities under the Internal Revenue Code.

  • The participant will also have an understanding of the federal tax issues of the check the box regulations for Limited Liability Companies and the general requirement to file a Partnership Form 1065.

FAQ

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Your registration confirmation will be emailed to you when your payment is processed. During our busy season, this can take up to 2-3 business days after we receive your registration.

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Yes. If you have a PTIN on file with us, we will submit your hours. To insure we have your correct info, please provide your PTIN when you register for a course. Please notify us if you have recently submitted a name change request to the IRS.

Your certificate will be emailed to you within 10 business days of the completion of the course.

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  • Webinar materials and Webinar presentations are intended to stimulate thought and discussion and to provide attendees useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any tax procedure, tax planning technique, device or suggestion, or any of the tax consequences associated with them.
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