We include both instruction and practice to deliver a thorough comprehension of how to prepare tax form 1065. This involves full guidance through formation rules and elections, plus potential late elections, and terminations (including mid-year issues). We will also cover common operating tax issues encountered with LLCs, such as owner compensation and fringe benefits, pension plans, guaranteed payments, self-employment tax and income allocations. To conclude the course, your instructor will review with you any unusual LLC tax issues such as the CPAR audit rules (and elections out), 754 step-up basis elections, reporting issues and basis.
Upon completion of this course, you will be able to-Prepare individual tax returns for partnerships and LLCs; Provide clients with the characteristics, advantages, and disadvantages of LLCs; Advise clients on forming a partnership or an LLC; Advise clients about methods of accounting and partnership/LLC tax returns; Properly treat partner and partnership items with regard to basis and calculate a partner's basis; Advise clients on the proper treatment of members leaving an LLC and selling their interest.
- Prerequisites: None
- Hours: 8
- Field of Study: Taxes - 8
- Course Level: Basic
- IRS Number: DBWVH-T-00144-23-O
Early Registration Deadline: October 24, 2023