Reviewing Partnership Tax Returns: What Are You Missing?
Strategies to help reviewers catch errors in partnership and LLC tax returns before they are submitted.
Format
Online
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
5
Availability
1 year
Product Number
CL4PTRM25SSO
Ways to avoid common errors
A thorough review can spot errors that are commonly missed during the preparation of a partnership or LLC return.
Course materials are designed to sharpen your reviewer skills by examining case studies and discussing complex LLC and partnership issues often missed by staff tax return preparers.
Four case studies, four opportunities to apply your reviewing skills
The course's case study-based approach is designed to increase comprehension and retention.
Each case includes a narrative and a full 2024 tax return. Learners are encouraged to spot errors made in the returns and potential areas for improvement.
Partnership tax filing requirements
Course materials discuss the filing requirements for Schedules K-2 and K-3, including the availability of the domestic filing exception.
Part of Tax Staff Essentials Level 3
This self-study online course is part of Tax Staff Essentials Level 3, a comprehensive learning program that provides senior- and supervisor-level tax professionals with the technical training required to take a leadership role on their teams.
This course can be purchased individually or as part of the Tax Staff Essentials Level 3 bundle.
Who Will Benefit
- Partners and managers in CPA firms
- Experienced CPA staff
Key Topics
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)
Learning Outcomes
- 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.
Group ordering for your team
2 to 5 registrants
Save time with our group order form. We’ll send a consolidated invoice to keep your learning expenses organized.
Start order6+ registrants
We can help with group discounts. Email client.support@aicpa-cima.com
US customers call 1-800-634-6780 (option 1)
The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services. The Association is committed to making professional learning accessible to all. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. For accommodation requests, please contact adaaccessibility@aicpa-cima.com and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.