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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. Course materials will include the impact of the Tax Cuts and Jobs Act of 2017 tax reform law.
Calculate the initial tax basis and adjusted tax basis of business property.~Determine the tax basis of self-constructed assets.~Distinguish between deductible repairs and capitalized improvements under new tax provisions.~Classify expenditures for tax purposes properly.~Apply recent changes in the tax rules to classification of expenditures and tax result.~Recognize deduction recognition issues related to amortization.~Understand the fundamentals of the MACRS system of depreciation/ cost recovery.~Recognize eligibility for immediate §179 expensing.
Formation and the Check-the-Box rules
Profit and loss allocation
Effect of liabilities
Contributions and distributions
Reporting taxable income
Basic knowledge of pass-through entities
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