2017 Fall Tax School Webinar: Partner Issues - University of Illinois Tax School
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Scroll down for webinar details! 2017 Fall Tax School Webinar: Partner Issues

Note: The content covered in this live webinar is the same content that is taught at Fall Tax School.

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.

Note: New for 2017, you will access all webinars and digital downloads by logging into your Tax School account on this website.

Other Tax School webinars

Fall Tax School webinars feature audio instruction, plus a powerpoint presentation. Each course includes a set of materials that accompany the course presentation.

Dates:

  • Thursday, December 14, 2017 from 1:00PM to 2:00PM Central Time
  • Wednesday, January 17, 2018 from 10:00AM to 11:00AM Central Time

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 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.

  • Make sure that the computer that you will use for the webinar is connected to the Internet with a broadband connection.
  • Make sure that you have functioning speakers or headset to take full advantage of the audio capabilities during the session (all instruction is provided vocally). If you don't want to use your computer speakers or headset, there is phone audio available. The dial-in number, Conference ID, and User ID for phone audio will be given to you once you enter the webinar session.

Testing Instructions

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:

www.webinato.com/conftest/

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.

Note: New for 2017, you will access all webinars and digital downloads by logging into your Tax School account on this website.

Note: The content covered in this live webinar is the same content that is taught at Fall Tax School.

  1. Overview of taxation of partnership income to partners and transactions between the partnership and partners
  2. Outside basis in partnership interest

    1. Basis rules
    2. Liabilities effect on basis
  3. The 3 Loss Limitations
  4. Taxable events for partners

    1. Guaranteed payments
    2. Self-employment income
    3. IRC §179 deductions
    4. Loans by a partner

Learning Objectives: By attending this webinar, you will be able to:

  1. Appreciate the importance of basis and how to calculate it
  2. Differentiate the three loss limitations and calculate losses
  3. Use select information included on Schedule K-1 (Form 1065) when preparing returns for partners
  4. Determine self-employment income from the partnership
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)
CFP Taxation (1)
IL Insurance N/A
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.

Note: New for 2017, you will access all webinars and digital downloads by logging into your Tax School account on this website.

Last updated 10/18/2017 12:50:35 PM

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