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Live Webcast Replay

ACPEN Signature: 2022 The Essential Guide to Partnership & LLCs Tax Return Preparation


Total Credits: 8 including 8 Taxes - Technical

Average Rating:
   17
Bundles:
ACPEN Signature 2022 Bundle: ACPEN SIGNATURE COMPLETE PACKAGE - (All Courses – 96 Hours) | ACPEN Signature 2022 Bundle: TAX PACKAGE (40 Hours)
Category:
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:
Access for 30 day(s) after program date.

Dates


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

Speaker

C. Clinton Davis, CPA, JD's Profile

C. Clinton Davis, CPA, JD Related seminars and products

Krage & Janvey, L.L.P.


CLINT DAVIS 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 Tax Law 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 Accountants’ 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's Profile

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 based, full service Certified Public Accounting firm.  In his fifty years of professional experience, he has performed audit engagements in real estate development and construction, investment partnerships, manufacturing, utilities, retail, transportation, and health care.  He has worked with companies ranging in size from large, multinational corporations to small, closely held businesses.  He has also been engaged extensively in tax and financial planning consultations for closely held businesses and their owners; tax compliance and tax controversy representation.

Mr. Smith has been a frequent panelist on ACPEN webinars.  He has appeared as a featured commentator on all four Dallas/Ft. Worth network news stations, including three and one-half years as a featured business commentator on KXAS, TV5; on the TSCPA “CPAs on Call” state-wide tax television program; and on various radio news programs.  He has conducted seminars on tax and financial planning for the Dallas Chapter of the TSCPA, stock brokerage firms and life insurance companies, and on marketing and practice management for the TSCPA, the North Carolina Association of CPAs, the Arkansas Society of CPAs, the Pennsylvania Institute of CPAs, and the American Institute of CPAs.  He has made presentations on analyzing financial statements for the reporting staffs of the Dallas Morning News, Dallas Business Journal, Wall Street Journal, and San Antonio Express.  He has also made CPE presentations on SSARS standards for the Illinois Society of CPAs, the Texas Society of CPAs, the Dallas Chapter of TSCPA, the Southeast Texas Chapter of TSCPA, and others.

Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, as an elected member of its Executive Board and its Board of Directors, and as Treasurer and Treasurer-Elect. He served as an elected member of the AICPA Council 2007 through 2011 and 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, 2008 through 2011 and the Tax Practice Responsibilities Committee, 2014 to 2018.  He has served as Chair of the Dallas Chapter of TSCPA (DCTSCPA) for the 2002-2003 year and a member of its Board of Directors.  He has served the TSCPA as Communications Subcommittee Chair of the Federal Tax Policy Committee, Attestation Subcommittee Chair of the Professional Standards Committee, Chair of the External Relations Steering Committee, Chair of the Strategic Planning Committee, Chair of the MAP Future Issues Committee, Sub-Committee Chair of the Quality Review Committee, and Chair of the Public Practice Association.  In recognition of his service, Mr. Smith has been named an Honorary Fellow of the TSCPA in 2017, presented with its Meritorious Service to the Accounting Profession in Texas Award in 2013, and had been named Outstanding Steering Committee Chairman for the year 1999-2000, Outstanding Committee Chairman for the year 1995-1996, and Outstanding Committee Member for the Years 1992-1993 and 1995-96.  The DCTSCPA also named him CPA of the Year for 1999-2000.

Mr. Smith is a graduate of Southern Methodist University with a BBA in Accounting and Economics.  He is a Certified Public Accountant in the state of Texas and is a licensed Registered Investment Advisor.

Mr. Smith resides in Dallas with Charlie, his wife of 50 years. They have three grown daughters, all of whom are married, a grandson and three granddaughters.


Bill H. Wilson, CPA Related seminars and products

Director

Whitley-Penn, LLP


William H. “Bill” Wilson, CPA is a director in Whitley-Penn, LLP’s tax and consulting practice where he works on passthrough and tax controversy matters.  Bill previously spent 37 years with the IRS, retired as a manager in the Passthrough Entities Practice Area of the Internal Revenue Service’s Large Business and International Division.  He has also taught partnership taxation at the graduate level and is a frequent speaker on passthrough entity tax issues. 

Bill has an accounting degree from George Mason University and a Master of Taxation degree from Virginia Commonwealth University 



Dates

Mon, Dec 12, 2022 - 09:00am to 05:00pm CST
Mon, Dec 12, 2022 - 01:00pm to 09:00pm CST
Thu, Dec 22, 2022 - 09:00am to 05:00pm CST
Thu, Dec 22, 2022 - 01:00pm to 09:00pm CST
Fri, Dec 30, 2022 - 09:00am to 05:00pm CST
Fri, Dec 30, 2022 - 01:00pm to 09:00pm CST
Tue, Jan 03, 2023 - 09:00am to 05:00pm CST
Tue, Jan 03, 2023 - 01:00pm to 09:00pm CST
Fri, Jan 20, 2023 - 09:00am to 05:00pm CST
Fri, Jan 20, 2023 - 01:00pm to 09:00pm CST

Additional Info

Basic Course Information

Prerequisites

None


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 Policy

Please 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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Overall:      4.5

Total Reviews: 17

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