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AA. Introduction to the Federal Income Tax Issues of Partnership Taxation and the Preparation of Form 1065

Course Price: N/A
CPE Credits
5
Date
December 3, 2020
Course Time
10:00 AM
Advanced Preparation
N/A
Course Level
Intermediate
Prerequisite
The participant should have a familiarity with the tax concept of a pass through entity for Federal Tax preparation. The participant should understand the issues of the investor who owns an interest in a general partnership and Limited Liability Company
IRS CPE
5
NASBA CPE
5
CTEC CPE
5
Instructor(s)
Paul La Monaca CPA, MST

Course Description

IRS: Federal Tax Law Topics 5 CPE

CTEC: Tax Law 5 CPE

NASBA: Taxes 5 CPE

This course will introduce the tax professional to the preparation of Form 1065 for an entity doing business as partnership under Sub-chapter K of the Internal Revenue Code. It will discuss the issues pertaining to the entity itself not being subject to an income tax and the pass through those of tax characteristics to the investors. For the experienced preparers of Form 1065 it will strengthen the tax knowledge dealing with distributions, limitation on losses, special allocations issues and the concept of entity debt creating basis for the partners. It will reiterate the importance of inside and outside basis issues and the requirement of maintaining capital accounts for the partners. This course will discuss the tax issues of formation operation and legislation for both the entity and the investors.

Learning Objectives

This course will provide the tax professional with the tools necessary to properly prepare the Form 1065 and the related Schedule K-1 of the partners. It will discuss the items which increase and decrease partner basis as well as discuss the impact of debt of the partnership. The course will discuss guaranteed payments to partners of the partnership as well as self-employment tax issues and distributions to partners.

  • The course will discuss the general rule of tax free formation of the partnership to both the partners and the partnership under §721 as well as the designated exceptions to the non-recognition of income.

  • The course will discuss the differences of the general partnership vs. other pass through entities under the Internal Revenue Code.

  • The participant will also have an understanding of the federal tax issues of the check the box regulations for Limited Liability Companies and the general requirement to file a Partnership Form 1065.

Administration Policies: NSTP follows strict administrative policies
Late Registration
  • Registrations must be received no later than 7 days prior to the seminar date.
  • Registrations received after this date will be subject to a $35 late fee.
Refunds
  • NSTP provides refunds to registrants up to 7 days prior to the date of the course. For those registrants canceling within 14 days prior to the date of the course NSTP will allow attendance at another seminar site. If there are extraordinary circumstances NSTP will allow the participant to attend a future education course. An administrative charge of $25 will be assessed if canceled. For more information regarding refund, cancellation and complaint policies, please contact our offices at 800-367-8130
Cancellation
  • NSTP reserves the right to cancel any program or course for circumstances that are not under direct control of NSTP. If a course or program is canceled, participants will be refunded 100% of their registration fee.
Walk-In
  • We do not accept walk-in attendees. Payment must be received in advance of the class. Classes may not be retaken without payment.
Disclaimer
  • Seminar materials and seminar presentations are intended to stimulate thought and discussion and to provide attendees the useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any particular tax procedure, tax planning technique or device or suggestion or any of the tax consequences associated with them.
  • Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual's reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials and during the seminar presentation before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any particular device, technique or suggestion before recommending the same to a client or implementing the same on a client's or on his or her own behalf.
Attendance Policy
  • Only paid registrants are able to attend seminars. In consideration of your fellow attendees, guests will need to depart before the session begins. The seminar lunch is for paid registrants only and is included in the registration fee.