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
Webcast
Date
Oct 21, 2025
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
4
Instructor
Larry Tunnell, Robert Ricketts
Availability
Product Number
VCL4PTRM251021
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.
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.
Who Will Benefit
- Partners and managers in CPA firms
- Experienced CPA staff
Group ordering for your team
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