LLPW
SURGENT McCOY's LIMITED LIABILITY COMPANY AND PARTNERSHIP TAX RETURN PREPARATION
WORKSHOP
This course provides
CPAs with an introduction to and an understanding of tax return preparation
issues for limited liability companies and partnerships, with an emphasis
on the preparation of Form 1065 and Schedule K-1. Participants will be
able to gain a thorough understanding of federal income tax laws for LLCs
and partnerships, including basis calculations and their importance.
Major topics include:
- Complete coverage of The Small Business and Work Opportunity Tax Act of 2007
- Overview of Subchapter
K and federal tax classification elections
- Permitted tax years
for LLCs and new procedures to adopt, retain, or change to a fiscal
year end without sanctions
- Basics of capital
accounts: tracking book-tax differences and the accounting relation
to allocation issues
- Formation issues
including precontribution appreciated assets
- Treatment of recourse
vs. non-recourse debt basis
- Preparation of
a reasonably complicated Form 1065
- Basics of "substantial
economic effect" and special allocations
- Preparation and
interpretation of Schedule K-1 so that each owner's basis can be calculated
properly
- Proper handling
of fringe benefits on Form 1065
- Latest IRS guidance
on self-employment tax for limited liability company owners
- Calculation of
basis limitations and the implication on each owner's own tax return
- Handling of passive
activity loss situations as they apply to LLCs
- Partnership distributions
- current or liquidating, cash or property
- The interpretation
of the K-1, and how information flows through to the owners' returns
- Other developing
issues and hot topics
Designed for: Practitioners
who need a basic understanding of LLC and partnership tax issues and the
preparation of LLC and partnership federal tax returns.
Level of knowledge:
Basic
Field
of study: Taxes
|
