Reviewing Partnership Tax Returns: What Are You Missing?
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
Prerequisites
Basic knowledge of partnership taxation
Designed For
partners and managers in CPA firms experienced CPA staff
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.
Leader(s):
Leader Bios
Deborah Phillips, Surgent McCoy Self Study
Deborah A. Phillips, CPA, MST, operates her own tax controversy practice where she specializes in partnership and S corporation tax law as well as IRS audits and procedures. Debbie recently retired from the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS), where she was a Senior Manager in the Flow Through Issue Practice Group (IPG). The IPG specializes in S corporation and partnership tax issues for LB&I. Debbie worked for the IRS for over 31 years, and she has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations and Technical Assistant to the Deputy Commission International, the Technical Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry, and the IRC Section 263A Technical Advisor. Debbie taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a textbook author. Debbie earned her master’s degree in taxation from Widener University.
Non-Member Price $301.00
Member Price $233.00