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Self-StudySELECT STARTING AT $125

Downloadable PDF

Credits: 8

Qualifies For:

$125

Textbook

Credits: 8

Qualifies For:

$140
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  • It was an awesome course. I have recommended it to a couple of CPA friends.

    - A Surgent Customer

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Tax Forms Boot Camp: LLCs and Partnerships (TBCL)

  • Customer Rating
    Not Yet Rated
  • Field of Study
    Taxes
  • Level
    Basic
  • Credits
    8
  • Qualifies for

    CPE

Overview

Future tax specialists must have a strong base in the preparation of partnerships and limited liability company’s returns. This boot camp provides an in-depth foundational center of the forms, along with other common to advanced issues of partnerships and limited liability companies. The course includes a hands-on approach to completing a Form 1065, including a 'filled-in' answer to a sample taxpayer return.

Major Topics:

  • Gain a thorough understanding of federal income tax laws for partnerships or LLCs, from formation to tax return preparation issues
  • Assess critically tax basis for recourse and nonrecourse debt
  • Understand the proper year end
  • Review an often overlooked §704(c) pre-contribution gain
  • Adjustments, permitted special allocations, and self-employment tax issues
  • Complete coverage of any new legislation enacted before presentation
  • Are capital accounts the same as basis? NO, they are not!
  • Partnership distributions -- current or liquidating, cash or property
  • What business arrangements qualify, or, by default, are treated, as partnerships
  • Other developing issues and hot topics
  • Maximizing depreciation deductions
  • Partnership oddities with reporting depreciation, sales of assets, and guaranteed payments 

Learning Objectives

  • Prepare a basic Form 1065, step by step, with 'filled-in' forms provided
  • Recognize the importance of Schedule M-1
  • Understand the basic concepts of partnership taxation
  • Be familiar with the results of the case studies that reinforce key learning points

Designed for:

Practitioners who need a basic understanding of LLC and partnership tax issues and the preparation of LLC and partnership federal tax returns

Prerequisite:

None

Advanced Preparation:

None

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