Reviewing Partnership Tax Returns: What are you Missing?

Overview

You could pay $0 for this course!


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.

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course to be eligible. The course code for this program is C-3350. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.

Highlights

Common errors made involving the following tax forms: • Form 1065 • Schedules K and K-1 • Schedules M-1 and M-2 • Form 4562 • Form 4797

Designed For

CPAs working with clients requiring expertise in partnership taxation for the current tax season

Objectives

When you complete this course, you will be able to: • 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.