Description

Strategies to help reviewers catch errors in partnership and LLC tax returns before they are submitted.

Target Audience

- partners and managers in CPA firms

- experienced CPA staff

Course Objectives

'- Identify the mechanics of a partnership’s tax return, including partner capital account calculations and permissible tax years.

- Determine the proper allocation of recourse liabilities among partners.

- Analyze the consequences of a new partner joining a partnership.

- Determine depreciation expense among the contributing and noncontributing partners under Section 704(c).

- Determine the value of assets with nonrecourse liabilities.

Subjects

Common errors made involving the following:

- Form 1065

- Schedules K and K-1

- Schedules M-1 and M-2

- Calculating recourse and nonrecourse liabilities

- Partner inside and outside basis

- Partner’s capital account analysis

- Sections 704(b), 704(c), 721, 722, 732(b), 734(b), 737, 743(b)

Prerequisites

Experience with partnership tax return preparation