Reviewing Partnership Tax Returns: What Are You Missing? WEBCAST
Overview
The partnership section of the Internal Revenue Code is arguably one of the most complicated. That complexity, and the reliability of tax software to properly handle it, can create many issues for you and your staff when processing your client’s LLC and partnership tax returns. Join us as we discuss the common errors practitioners make on partnership tax returns that are often missed by review staff. The intent is to sharpen skills for reviewers by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires additional analysis and information. Multiple issues will be discussed, including income, deductions, K-1 reporting, and K-2 and K-3 reporting. This course follows a highly illustrative case study format to increase participant comprehension and retention.
Highlights
Form 1065. Schedules K and K-1. Schedules M-1 and M-2. Form 4562. Form 4797.
Prerequisites
Basic knowledge of partnership taxation.
Designed For
CPAs working with clients requiring expertise in partnership taxation for the current tax season.
Objectives
Identify common mistakes made on partnership tax returns. Calculate the balance in the partners’ capital accounts and enter the results on Form 1065 and on the Schedules K-1. Identify the purposes of Schedules L, M-1, and M-2. Recognize the tax treatment, both at the partner and the partnership level, of guaranteed payments to a partner. Identify and report Section 1202 gains on Form 1065. Determine the ordinary loss to the partners from the sale of Section 1244 stock. Determine how installment sales are taxed and disclosed by partnerships. Determine book value following a revaluation of LLC or partnership assets. Determine strategies to avoid making mistakes on partnership tax returns.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Richard Lahijani, AICPA Learning
Mr. Rich Lahijani is a professor of taxation at New York University’s Stern School of Business. He is also a faculty member at City University of New York (“CUNY”) where he teaches federal taxation, and graduate accounting courses.
Before coming to academia, Mr. Lahijani was a Senior Tax Manager at Deloitte Tax LLP, in their New York Tax Practice. Mr. Lahijani’s primary focus was in the Real Estate sector in the tri-state area. Rich also served clients in the financial services, and hospitality areas. Mr. Lahijani has over 15 years of public accounting experience, and held a key leadership role in the tax consulting and structuring of one of the largest REIT IPOs in modern US history.
Mr. Lahijani is an accomplished speaker and has authored multiple articles, and professional publications.
Non-Member Price $199.00
Member Price $174.00