Reviewing Partnership Tax Returns: What Are You Missing?

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Overview

Strategies to help reviewers catch errors in partnership and LLC tax returns before they are submitted.

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.

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)

Partners and managers in CPA firms

Experienced CPA staff

Experience with partnership tax return preparation

You will receive an email from the AICPA with instructions to access the webinar.