Reviewing Partnership Tax Returns: What Are You Missing?

Overview

Ways to avoid common errors

A thorough review can spot errors that are commonly missed during the preparation of a partnership or LLC return.

Course materials are designed to sharpen your reviewer skills by examining case studies and discussing complex LLC and partnership issues often missed by staff tax return preparers.

Four case studies, four opportunities to apply your reviewing skills

The course’s case study-based approach is designed to increase comprehension and retention.

Each case includes a narrative and a full 2025 tax return, developed to include the effects of H.R. 1, commonly referred to as OBBBA. Learners are encouraged to spot errors made in the returns and potential areas for improvement.

Partnership tax filing requirements

Course materials discuss the filing requirements for Schedules K-2 and K-3, including the availability of the domestic filing exception.

Objectives

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.

Highlights

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)

Designed For

Partners and managers in CPA firms

Experienced CPA staff

Prerequisites

Experience with partnership tax return preparation

Notice

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

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader Bios

Larry Tunnell, AICPA

Larry Tunnell, Ph.D, CPA New Mexico State University (ret.), Las Cruces, NM

Dr. Larry Tunnell is Professor Emeritus in Accounting at the College of Business at New Mexico State University. He has over 25 years of experience teaching, publishing, and practicing in the area of taxation.

He is coauthor of a book on partnership taxation and a widely-used textbook on general federal taxation. In addition, he is author or coauthor on over 20 articles in the area of taxation.

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Robert Ricketts, AICPA

Robert Ricketts Ph.D., CPA Robert Ricketts is the Director of the School of Accounting in the Rawls College of Business at Texas Tech University. He has been a member of the Accounting faculty since 1988 and has held the Frank M. Burke Chair in Taxation since 1999. Prior to earning his Ph.D. from the University of North Texas in 1988, he worked for the Dallas office of Ernst & Whinney (now Ernst & Young) as a tax senior. Ricketts’ tax scholarship addresses a broad audience. He co-authors several courses on partnership taxation for the AICPA and has written a forthcoming book on comparative taxation with an international group of authors. He also contributes chapters to a leading undergraduate textbook on taxation and has numerous academic publications on issues ranging from the risks of over-reliance on tax software to the response of multinational corporations to tax holiday legislation. Ricketts teaches at both the undergraduate and graduate levels, working extensively with doctoral students. His love for students, and for Texas Tech, is well-known by students, colleagues and alumni across the world.

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