Partnership Tax Returns: High-Risk and Challenging Aspects

Anticipating the Most Serious and Costly Errors, and Evaluating Alternative Solutions

Recording of a 110-minute CPE/CLE webinar with Q&A

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Conducted on Thursday, February 19, 2015

Recorded event now available

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Course Materials

This course will provide tax professionals, counsel and advisors with best practices to prevent most of the serious and costly, but all too common, errors in partnership tax returns. The panel will outline alternative approaches to prevent or resolve mistakes while preparing Form 1065.

Description

Our panel of veteran tax advisors will offer their experiences and best practices to help tax accountants avoid the most common, but serious and costly, mistakes when preparing partnership tax returns. The pitfalls can trip up even experienced tax professionals: improper classification and allocation of liabilities, missed Section 754 elections, and incorrect computation of capital accounts are just a few examples.

Several different federal returns require information from Form 1065, and tax counsel and advisors must advise clients on making complex decisions related to estimating a partner’s share of income, deductions and credits. Using our panel’s approaches, you can ensure accuracy in detail work like coding and reporting elections on K-1.

Listen as our panel of partnership tax veterans helps you plan an effective road map for avoiding common high risk mistakes associated with partnership returns and best practices for correcting any past errors that slipped by.

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Outline

  1. Return Risks, focus and mitigation
  2. Professional standards
  3. High risk issues
    1. Conflicts of interest
    2. Commonly missed elections
    3. Technical terminations
    4. Characterization and allocation of liabilities
    5. Maintenance of capital accounts
    6. Passive activities
    7. Foreign reporting
    8. Reportable transactions
  4. Recent guidance

Benefits

The panel will explore topics such as:

  • Identifying the areas of highest risk when preparing partnership tax returns.
  • Avoiding the most common mistakes in partnership filings.
  • Effectively remedying errors after the fact.
  • Satisfying critical reporting requirements

Faculty

Vicki Meyer
Vicki Meyer
Owner
Vicki Meyer Consulting

Ms. Meyer has more than 30 years of experience in tax consulting, transactional analysis, and compliance as it pertains...  |  Read More

Patch, David
David Patch
Senior Director, National Tax Office Partnership Group
BDO USA

Mr. Patch works with clients on a broad range of federal income tax matters and is responsible for the development...  |  Read More

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Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

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