Acquire the basic skills you need to prepare income tax returns for LLCs and Partnerships. This course helps you identify the information required from the accounting system and the questions to ask of managers or business owners. This course provides participants with a foundation of tax principles and rules applicable to flow through entities under IRC section subchapter K. TOPICS DISCUSSED • Formation and the Check-the-Box rules • Profit and loss allocation • Effect of liabilities • Contributions and distributions • Reporting taxable income