Partnership Taxation:  Review, Refresher, and Update ​

CPE Credit: 4 hour

This 4-hour webcast is designed to define and elaborate on the various unique and not-so-unique aspects of the partnership taxation.

Topics Covered

• Overview
• Definition of the types of partnerships
• Advantages and disadvantages of the partnership organization
• Formation of the partnership
• Review partnership legal and tax terminology
• Tax reporting of the partnership (Form 1065)
• Funding of the partnership
• Partnership capital accounts and drawing accounts
• Partnership basis:  inside and outside
• Review the accounting for partnership allocations
• Partnership termination/dissolution
• Contents and value of the partnership agreement
• Husband/wife business partnership taxation
• Family partnerships/limited partnerships v. general partnerships
• TCJA ramification of the partnership taxation
• Various other information

Learning Objectives:

• Understand a partnership for tax purposes and its standing as a legal entity
• Understand "flow-through" or "pass-through" approach to reporting partnership
• Emphasize when partnership may be more advantageous than other types of entities
• Learn about partnership structuring
• Understanding basics of preparing the federal Form 1065
• Compare and contrast a general partnership with various other types