With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a partnership/LLC course focusing on the hottest tax topics and most frequently encountered issues. This case driven course will deal with both partnership/LLC and partner/member developments addressing the most common, yet complex Federal partnership/LLC issues and problems.
This class will review partnership tax law by looking at case studies addressing issues and problems at both the partnership and partner level. 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:
- Extensive review of the partnership tax laws with an emphasis on any new legislative changes including the Tax Cuts & Jobs Act (TCJA) 20% qualified business income (QBI) deduction and changes to the interest deduction, fringe benefits and entertainment expenses
- Overview of different forms of business entities including the check-the-box regulations
- Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member
- Schedule K and K-1 – separately & non-separately stated income and expense items
- Substantial economic effect requirement to have special allocations to the partners/members
- Allocation of recourse & non-recourse debt on K-1s
- Guaranteed payment issues and tax treatment of fringe benefits
- Self-employment tax issues and pitfalls
- Section 754 optional basis adjustments and mandatory adjustments
- Tax treatment of distributions - cash versus non-cash & liquidating versus non-liquidating
- Overview of a partner/member’s outside basis and deductibility of losses
Basic understanding of partnership and individual income taxation
Tax professionals (in public or private industry) seeking a case driven income tax return course addressing the most common, yet complex Federal partnership and LLC issues and problems.
- Form a partnership and calculate the partnership’s initial inside basis in the assets and partner’s outside basis in the entity
- Understand how the schedule K items get allocated to the partners/members on their individual Schedule K-1
- Prepare a partnership’s initial tax and §704(b) book capital accounts and understand their purpose
J Patrick Garverick
Pat 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, Pat began his own tax and financial planning business as well as writing, reviewing and teaching tax and financial planning CPE training courses around the country. As an award winning discussion leader, Pat’s knowledge, expertise and high energy has made him one of the profession’s highest rated speakers resulting in numerous perfect scores for both knowledge and presentation skills.
“Mr. Garverick is a great, energetic instructor who gets the entire class participating!” - D. Hoppes, attended Tax Update - Forms 1120, 1120S, and 1065.
Non-Member Price $425.00
Member Price $325.00