Event Description

Introduction to all forms necessary to comply with requirement for filing a federal income tax return (and report) for a partnership and providing information to its partners. Recognize when special forms are required. Emphasis on what’s new or different from prior years and maintaining information on partners’ capital accounts..

Designed For

All CPAs, EAs, Attorneys, and their associates and assistants who will provide tax advice and compliance service to partnerships and their partners.

Objectives

Efficient preparation of forms required for tax compliance and to avoid penalties. Know how and when to disclose a transaction. How to report distributions and account for them in partner’s return. Form and content of work-forward schedule of basis, and capital account.

Major Subjects

Content of Form 1065 and any disclosures required to be attached. Special attention to information required for participation in a listed transaction. Accounting for and reporting “built-in gains and losses” associated with a partner’s contribution of property and required attachments. Accounting for a “754 election.”  How to determine “tax basis capital.”