When tax professionals receive a Schedule K-1 (Form 1065) from a client who is a partner in a partnership, there are a number of areas where additional information is needed before the Form 1040 can be completed. Determining a partner's basis in the partnership is an important first step. Dealing with the effect of the three loss limitations is another essential component. Knowing which information reported on the K-1 to use and how it impacts basis, income, and loss for the partner prevents tax preparers from making costly errors on the partner's individual return. Some partners are required to pay self-employment tax and others are not. Knowing which situation applies to your client and calculating SE tax for them is one more important component of offering them high quality and accurate return preparation service.
Fall Tax School webinars feature audio instruction, plus a powerpoint presentation. Each course includes a set of materials that accompany the course presentation.
Registration Fee: $25.00
CPE Credits: Up to 1.0 based on attendance and completion of engagement activities.
CPE Filings Available: Illinois MCLE, CFP, IRS
Bob Rhea has been associated with the Tax School since 2005 as an instructor and as a reviewer for the University of Illinois Federal Tax Workbook. Since 1984, he has assisted farmers with accounting, tax, and consulting services in west-central Illinois through the University of Illinois FBFM program. Bob is the national executive director for his professional organization, NAFBAS, and previously was that group's national president. Bob received his bachelor's degree from Western IL University and Master's degree from the University of Illinois. Bob is an enrolled agent (EA) and he lives in Camp Point with his wife, Debbie, sons Tracy and Casey, and daughter Ashley.
We offer our webinars using the Webinato platform, which uses your web browser to deliver the content. The only thing that might need to be updated is the version of Flash you are running.
Please test your computer system using the instructions below before the webinar. If you fail to test your system in advance and experience problems, you may not be able to participate in the webinar. We cannot provide refunds because you experience technical problems the day of the webinar. When testing, use the computer you plan to use for participating in the webinar.
NOTE: We recommend using a desktop or laptop computer to attend the webinar rather than a tablet or mobile phone.
This test should take less than 5 minutes to complete.
On the computer you will be using for the webinar, go to the following web page:
When the page loads, it will walk you through various tests. You will not need a webcam or microphone for the webinar.
If you encounter any problems testing your system, you can check the following resources:
Many of the pages above have a button that allows you to chat with Webinato support. Please contact Webinato through chat with all technical problems.
If your technical problems cannot be resolved, please call the Tax School office at 217-333-0502 for options regarding webinar attendance.
Learning Objectives: By attending this webinar, you will be able to:
|CPE credits||Up to 1.0 based on attendance and completion of engagement activities|
|Field of Study (NASBA)||Taxes (1)|
|IRS Categories||Federal Tax (1)|
|IL MCLE||Taxation (1)|
Please see our CPE FAQ for more information.
Delivery Method: Internet-Based Group
Program Level: Overview
Prerequisite(s): Professional experience in preparing tax returns and an understanding of basic tax rules and regulations.
Materials: Will be available in your Tax School account one week prior to the webinar.
Last updated 10/18/2017 12:50:35 PM