Reviewing Partnership Tax Returns: What Are You Missing?

Overview

Strategies to help reviewers catch errors in partnership and LLC tax returns before they are submitted.

Delivery Method: Individual webcast
CPE Credit: Taxes
Program Level: Intermediate

This course is being offered by a 3rd party vendor and will not be accessible on your My CPE page. Webinar access information will be emailed directly to you by AICPA.

Highlights

Common errors made involving the following:

Form 1065

Schedules K and K-1

Schedules M-1 and M-2

Calculating recourse and nonrecourse liabilities

Partner inside and outside basis

Partner's capital account analysis

Sections 704(b), 704(c), 721, 722, 732(b), 734(b), 737, 743(b)

Prerequisites

Experience with partnership tax return preparation

Designed For

Partners and managers in CPA firms

Experienced CPA staff

Objectives

Identify the mechanics of a partnership's tax return, including partner capital account calculations and permissible tax years.
Determine the proper allocation of recourse liabilities among partners.
Analyze the consequences of a new partner joining a partnership.
Determine depreciation expense among the contributing and noncontributing partners under Section 704(c).
Determine the value of assets with nonrecourse liabilities.