Description
This comprehensive training is designed to get the accountant up-to-speed quickly with partnership and limited liability company formation and preparation issues as well as a complete understanding of calculating a partner and LLC member’s basis. The cornerstone of this course is the in-depth, line-by-line analysis of the Form 1065 Schedule K and K-1 and how these items affect the partner/member’s individual income tax return.
Event Level: Intermediate
Who Should Attend: Tax professionals who need an in-depth training course on tax-preparation issues, basis calculations, and distributions rules for partnerships, LLCs, and their owners
Required Knowledge: Background in partnership and individual income tax law
Advanced Preparation: None
Vendor: The Tax U
Speaker: Garverick, Pat
Objective
* Form a partnership and calculate the partnership’s initial inside basis in the assets and partner’s outside basis in the entity * Prepare a basic partnership (Form 1065) Schedule K including the reporting of cash and noncash distributions * Understand how the schedule K items get allocated to the partners/members on their individual Schedule K-1 * List the three main reasons for calculating a partner/member’s basis in a partnership/LLC * Calculate a partner/member’s outside basis and determine if losses and deductions are limited on their individual income tax return
Attendee Information
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly. If you need assistance with internet access issues, browser capability, or when the NCACPA office is closed* please contact Freestone Technical Support at 866-702-3278 or by email at [email protected]. *NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via phone or email 30 minutes prior to the start of a live online program.
Credit Types
- Enrolled Agent
The North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.