Highlights
• Extensive review of the partnership tax laws with an emphasis on any new legislative changes and Form 1065 (and related schedules) preparation issues
• Overview of different forms of business entities, including the check-the-box regulations
• Formation issues, including the mandatory allocation of the 704(c) pre-contribution gain or losses back to the contributing partner/member
• Schedule K and K-1-preparation issues including separately and non-separately stated income and expense items (including the 20% qualified business income (QBI) deduction, 3.8% net investment income tax, business interest deduction limitations, fringe benefits and entertainment expenses)
• Calculating the tax and 704(b) book capital accounts
• Understand the substantial economic effect requirement to have special allocations to the partners/members
• Allocation of recourse and non-recourse debt to the schedule K-1s
• Deductibility of fringe benefits, including health insurance premiums
• Guaranteed payments & self-employment tax issues and pitfalls
• Overview of how partnership losses and deductions can be limited to calculating a partner/member's outside basis and at-risk rules
• 754 election for optional basis adjustments triggering 743 (transfer of interests) and 734 (distributions)
• Partnership liquidation and distribution tax ramifications at both the partnership and partner level
