Surgent's Tax Forms Boot Camp: LLCs and Partnerships (TBCL)

Description

Future tax specialists must have a strong base in the preparation of partnerships' and limited liability companies' 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 chapter-by-chapter, hands-on approach to completing a Form 1065. As details are discussed within each chapter, information is provided to prepare an intricate Form 1065. The manual concludes with the information from each chapter included on a "filled-in" Form 1065.

Highlights

• Gain a thorough understanding of federal income tax laws for partnerships or LLCs, from formation to tax return preparation issues
• 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
• 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
• Other developing issues and hot topics
• Maximizing depreciation deductions
• Partnership oddities with reporting depreciation, sales of assets, and guaranteed payments

Objectives

• Prepare an intricate 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