Reviewing Partnership Returns: What are you Missing? (SVP1)

The partnership section of the Internal Revenue Code is arguably one of the most difficult sections to comprehend. That complexity, and the reliability of tax software to properly handle it, can create many issues for you and your staff when processing you client's LLC and partnership tax returns. Join us as we discuss the common errors practitioners make on partnership tax returns that are often missed by review staff. The intent is to sharpen skills for reviewers by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires additional analysis and information. Multiple issues will be discussed including income, deductions, K-1 reporting, and more! This course follows a highly illustrative case study format to increase participant comprehension and retention.

Learning Objectives:

• Identify common mistakes made on partnership tax returns.
• Determine strategies to avoid making mistakes on partnership tax returns.

Major Topics:

• Form 1065 
• Schedules K and K-1 
• Schedules M-1 and M-2 
• Form 4562 
• Form 4797 

Level: Intermediate

Instructor: David Peters

Developer: AICPA

Area of Study: 4 Taxes     

Prerequisite: Basic knowledge of partnership income taxation