This comprehensive training is designed to get the accountant up to speed quickly with partnership and limited liability company (LLC) 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.
Learning Objectives
Once participants have completed this session, they should be able to:
- 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 non-cash 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
Course Highlights
Each attendee will receive the most comprehensive reference manual with numerous practice aids and real world examples and case studies. Topics include but are not limited to:
- Comprehensive review of partnership income tax laws, with emphasis on new legislative changes (e.g., the One Big Beautiful Bill) and the status of expiring or extended provisions
- Review the Form 1065 to learn how income statement items get reported on the partnership/LLC tax return (i.e., page 1 versus Schedule K) and flow-thru to the partner/members on Schedule K-1
- Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual’s Federal income tax return and how the items affect the partner/member’s outside basis
- Look at detailed Schedule K-1 information reporting to partners/members needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations
- Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member
- Calculating the tax and §704(b) book capital accounts
- Reporting recourse and non-recourse debt on the Schedule K-1
- Tax ramifications and reporting of cash and non-cash distributions including disproportionate distributions of “hot assets”
- Overview of the §754 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)
Credits and Other information:
- Recommended CPE credit – 8.0
- Recommended field of study – Tax
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- IRS Course ID: PJGWS
- Attendance Requirement: Yes
- Session Duration: 8 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- CPA
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Other Tax Preparers
- Finance professionals
- Financial planners
Coder Archives 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.
Speaker Profile:
Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.
In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants, and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.
Awards and Accolades
- Award for Instructor Excellence for California Education Foundation
- Award for Outstanding Course Materials for California Education Foundation.
- Rated top tax instructor in nearly every location he has presented.
- One of the few instructors to have received perfect scores (multiple times) from attendees for presentation skills and knowledge.
Credits and Other information:
- Recommended CPE credit – 8.0
- Recommended field of study – Tax
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- IRS Course ID: PJGWS
- Attendance Requirement: Yes
- Session Duration: 8 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
We are approved to provide CPE/CE credits to Tax Professionals
We reports the educational credits to the respective licensing/regulatory bodies in 5 business days.
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