ACPEN Signature: 2022 The Essential Guide to Partnership & LLCs Tax Return Preparation
Total Credits: 8 including 8 Taxes - Technical
- Average Rating:
- 43
- Categories:
- ACPEN Signature | Tax | IRS Approved
- Speakers:
- C. Clinton Davis, CPA, JD | James A. Smith, CPA, CGMA | Bill H. Wilson, CPA | Julie Dale
- Course Levels:
- Update
- Duration:
- 8 Hours
- License:
Description
Is there anything more challenging for a tax practitioner than correctly filling out IRS Form 1065, the federal tax return for partnerships?
This year, our course is devoted to return preparation challenges. Yes, that will involve some theory along the way such as understanding allocations, properly classifying debt as recourse or nonrecourse and knowing differences in the basis and at-risk rules. For its part, the IRS has made things a bit more confusing by requiring tax basis capital account reporting while LLC company agreements and partnership agreements focus on economic effect and 704 capital accounts.
Join our panel of experienced partnership practitioners who will help you navigate the maze.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.
Basic Course Information
Learning Objectives- Stay up to date on changes under Subchapter K
- Address new IRS Form changes affecting partnerships
- Understand partnership tax basis capital account options
Major Subjects
- Line by line instructions for IRS Form 1065
- Completing Schedules K-1,
- The new International Schedules K-2 and K-3
- Reporting transfers of partnership interests
- Making 754 elections
- Determining partner basis
- Differentiating between basis and at-risk
- Proper allocations under waterfall and safe harbor methods
- And other topics related to return preparation
Course Materials
| Important_CPE Credit Instructions_Read Before Webcast (442.7 KB) | 2 Pages | Available after Purchase |
| IRS CE Credit Request Form (137 KB) | Available after Purchase |
| ACPEN_Signature_2022_Essential_Guide_to_Partnership_LLCs_Tax_Return_Preparation_Manual (14.1 MB) | 188 Pages | Available after Purchase |
| Q&A (13.3 KB) | Available after Purchase |
Speaker
C. Clinton Davis, CPA, JD Related seminars and products
Krage & Janvey, L.L.P.
C. Clinton Davis, Jr., CPA, JD, is with the law firm of Krage & Janvey, LLP in downtown Dallas. He graduated cum laude from the SMU Dedman School of Law in 1980 and first in his graduating class from Northwestern State University of Louisiana in 1977 with a Bachelor of Science in Accounting. He was first licensed in Florida as an attorney in 1980 and then in Texas in 1982.
He has been a licensed CPA in Texas since 1980. He has been Board Certified in TaxLaw by the Texas Board of Legal Specialization since 1988. He has been named as a Super Lawyer, a Top Attorney in Texas by Texas Monthly, one of the Best Lawyers in Dallas by D Magazine and a Top Rated Lawyer by the Dallas Morning News, all in the tax area. Clint has in the past been an author and discussion leader for numerous CPE courses for the Texas Society of CPAs.
Clint also speaks before various bar associations and accounting conferences and is a frequent presenter and moderator on the Accounting Continuing Professional Education Network. Clint primarily represents high net worth individuals and closely held businesses with much of his time devoted to real estate tax planning, implementation of S corporation ESOPs, mergers and acquisitions and private foundations.
James A. Smith, CPA, CGMA Related seminars and products
Managing Director
Smith, Jackson, Boyer & Bovard, PLLC
James A. Smith, CPA, CGMA, serves as Managing Director of Smith, Jackson, Boyer & Bovard, PLLC, a Dallas Certified Public Accounting firm. He practices extensively in tax compliance, planning and controversy representation for individuals and entrepreneurial businesses. He also is engaged in the preparation, compilation and review of financial statements; exit strategy planning for entrepreneurs; merger and acquisition planning and transactions; and forensic accounting and litigation services. Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, and as a member of its Professional Standards and Federal Tax Policy Committees since their inception. He served as a member of the AICPA Council 2007 through 2011 and from 2012 through 2015. He also served as an appointed member of two of the AICPA’s key standard setting committees: the Accounting and Review Services Committee from 2008 through 2011 and the Tax Practice Responsibilities Committee, 2014 to 2017.
Bill H. Wilson, CPA Related seminars and products
Director
Whitley-Penn, LLP
William H. “Bill” Wilson, CPA, recently retired after 37 years with the IRS. Bill was most recently a manager in the Passthrough Entities Practice Area of the Internal Revenue Service’s Large Business and International Division where he led a team of partnership subject matter experts. Bill has recent experience in partnership compliance initiatives, changes to Form 1065, and various partnership technical guidance projects.
Bill holds a B.S. in Business Administration with a major in accounting from George Mason University and a Master of Taxation degree from Virginia Commonwealth University. Bill has also taught partnership taxation at the graduate level and is a frequent speaker on partnership tax issues.
Additional Info
Basic Course Information
PrerequisitesNone
Advanced Preparation
None
Designed For Public Practitioners, Industry CPAs, and EAs
Original Recording Date 11/16/2022
Yellow Book
No
Course Developer
Business Professionals' Network (ACPEN)
Date Added to Catalog 02/09/2022
Additional Information
Complaint Resolution PolicyPlease contact Anne Taylor for any complaints.
Official Registry Statement
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Instructional Delivery Method
Group Internet Based
Refund/Cancellation Policy
Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.
Course Registration Requirements
Online Registration
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