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Wednesday, January 22, 2025 Live Webcast

Reviewing Partnership Tax Returns: What Are You Missing? (X3-4514337)

1:00 PM - 5:00 PM 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

    Deborah Phillips

    Deborah A. Phillips, CPA, MST

    Surgent Professional Education

    Debbie operates her own tax controversy practice, specializing in partnership and S corporation tax law as well as IRS audits and procedures. She has been successful petitioning and resolving tax issues under the jurisdiction of the United States Tax Court. She is proficient in Section 199A provisions and computations as well as the Tax Cuts and Jobs Act. She prepares all types of tax returns and utilizes her forensic accounting skills for potential IRS criminal prosecution. Having spent more than 32 years at the IRS, Debbie retired from its Large Business and International Division, where she was a senior manager in the Flow-Through Issue Practice Group, which specialized in S corporation and partnership tax. She was the operations and technical assistant to the Deputy Commissioner International; the technical assistant to the Director of PFTG; a territory manager in the retail, food and pharmaceuticals industries; a team manager in the heavy manufacturing industry; and the IRC Section 263A Technical Advisor. Debbie taught accounting and taxation as an adjunct at Delaware State University, Wilmington College and Goldey-Beacom College. She has been a seminar presenter for over 24 years and a textbook author. She regularly receives the Surgent Outstanding Discussion Leader Award.

    PRICING

    $213.00 - Member

    $261.00 - Nonmember

    Register Today


    Note: Online pre-registration will close on January 22 at 12:30 PM.

    ADDITIONAL OPTIONS

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    COURSE DEVELOPER

    AICPA/NJCPA