Reading, Understanding and Structuring LLC and Partnership

Preparation of Form 1065 and Schedules K-1 often require the return preparer to understand the provisions of a partnership or LLC operating agreement. This workshop focuses on the provisions of an agreement or state law that can affect tax reporting and examines sample language used to achieve certain objectives. Accountants should proactively review agreements when a client is engaged, not only to identify any special provisions but also to determine missing provisions that should be brought to the attention of the principals to avoid tax issues down the road. This course provides critical information to tax practitioners who prepare partnership and LLC tax returns.