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Tuesday, December 3, 2024 Live Webcast

Reviewing Partnership Tax Returns: What are you Missing? (E2412522)

9:00 AM - 12:30 PM EST

Registration: 8:30 AM EST

webcast

Vendor Platform

4 CPE Credits in TX

OVERVIEW

The partnership section of the Internal Revenue Code is arguably one of the most complicated. That complexity, and the reliability of tax software to properly handle it, can create many issues for you and your staff when processing your client's LLC and partnership tax returns. Join us as we discuss the common errors practitioners make on partnership tax returns that are often missed by review staff. The intent is to sharpen skills for reviewers by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires additional analysis and information. Multiple issues will be discussed, including income, deductions, K-1 reporting, and K-2 and K-3 reporting. This course follows a highly illustrative case study format to increase participant comprehension and retention.

DESIGNED FOR

partners and managers in CPA firms experienced CPA staff

BENEFITS

  • Identify common mistakes made on partnership tax returns.
  • Calculate the balance in the partners’ capital accounts and enter the results on Form 1065 and on the Schedules K-1.
  • Identify the purposes of Schedules L, M-1, and M-2.
  • Recognize the tax treatment, both at the partner and the partnership level, of guaranteed payments to a partner.
  • Identify and report Section 1202 gains on Form 1065.
  • Determine the ordinary loss to the partners from the sale of Section 1244 stock.
  • Determine how installment sales are taxed and disclosed by partnerships.
  • Determine book value following a revaluation of LLC or partnership assets.
  • Determine strategies to avoid making mistakes on partnership tax returns.

HIGHLIGHTS

  • Form 1065
  • Schedules K and K-1
  • Schedules M-1 and M-2
  • Form 4562
  • Form 4797
  • COURSE LEVEL

    Intermediate

    PREREQUISITES

    Basic knowledge of partnership taxation

    ADVANCE PREPARATION

    None

    INSTRUCTOR

    Gregory Carnes

    Gregory A. Carnes

    Dr. Gregory Carnes serves as Raburn Eminent Scholar of Accounting at the University of North Alabama (UNA) and previously served as Dean of the Sanders College of Business and Technology (COBT) for 11 years. Dr. Carnes is well known nationally as an academic leader, having served as President of the Accounting Program Leadership Group, President-Elect of the Federation of Schools of Accountancy, and Secretary of the American Taxation Association. He began a three-year term as a board member of the Southern Business Administrators Association in 2022. He has served as Chair of the Education Committee of the Alabama Society of CPAs and as President of the North Alabama ASCPA chapter. He has also had significant service roles in the past with the Illinois CPA Society and the American Accounting Association. Dr. Carnes has authored tax material for Wiley/CPA Excel and UWorld for the last 20 years. Dr. Carnes also has co-authored two tax textbooks for Wiley, the first of which, Fundamentals of Taxation of Individuals, was published in fall 2023. The second book, Taxation of Business Entities, will be available in fall 2025. He has also delivered tax training for national accounting firms and approximately 25 accounting state societies. Dr. Carnes has published approximately 30 articles in leading academic and professional journals. He is a leader in the local business community, serving as Chair of the Shoals Chamber of Commerce Board of Directors for 2017-2018. He served as Chair of the Board of the Shoals Business Incubator in 2019 and continues to serve on its board. Dr. Carnes served as President of the Rotary International chapter in Florence, AL in 2023-2024.

    PRICING

    $199.00 - Member

    $274.00 - Nonmember

    Pre-Registration Closed

    Online pre-registration for this event is now closed.

    ADDITIONAL OPTIONS

    Print a registration form

    COURSE DEVELOPER

    AICPA/NJCPA