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Partnerships and LLCs - OC South County Virtual Chapter Meeting 10.28.21
Thursday, October 28, 2021, 5:00 PM - 7:00 PM PST
Category: Chapter Meetings

Partnerships and LLCs
Orange County South Chapter Virtual Meeting

Date:

Thursday, October 28, 2021
5:00 PM to 7:00 PM

Location:

Online Meeting via Zoom
This will be a Zoom Meeting. Once you register and pay the Zoom link will be provided in your confirmation email for you to log in at the designated meeting time. Zoom does require registration before entering the meeting. 

Description:

In this overview of partnerships and LLCs, we’ll first review the characteristics of partnerships and LLCs and what makes them unique, with special emphasis on changes from the TCJA and CARES Act. Using a case study, we’ll examine some typical transactions of a partnership and its partners and how to treat them. We’ll also discuss basis and how to calculate it. And finally, we’ll use the financial statements from the case study to prepare Form 1065 with the K-1s.

Learning objectives:

  • To understand the unique characteristics of partnerships
  • To understand how to report common partnership transactions
  • To understand partnership basis
  • To understand how to prepare Form 1065

Speaker:

Linda Dong, EA, ABA
Linda Dong graduated with honors from the University of Illinois in Chicago with a degree in Accounting. She went to work for the IRS, where she received a very thorough training in taxes and began auditing corporations. Not liking the adversarial relationship inherent in tax audits, Linda left the IRS and started a tax and accounting practice from her home. She grew her practice to include four employees, but eventually downsized and is now once again a sole practitioner working out of her home office. She provides tax and accounting services to individuals, small businesses, and nonprofit organizations. Linda has been an Enrolled Agent (EA) since 1982. Her credentials from the Accreditation Council of Accountancy and Taxation (ACAT) include Accredited Business Accountant (ABA) and Accredited Tax Advisor (ATA). She is a QuickBooks ProAdvisor and often teaches classes in accounting and tax to other professionals. A member of several tax and accounting professional groups, she is currently serving as President of the California Society of Tax Consultants and Secretary-Treasurer of the Wine Country Chapter.

CPE Information:

2 Federal Law hours (Topics covering existing tax law)

IRS: 18QC1-T-01567-21-O
CTEC: 1000-CE-4970

Knowledge Level: Intermediate (Basic knowledge helpful)

Cost:

Member Registration Fee (BEFORE October 27, 2021): $20
Non-Member Registration Fee (BEFORE October 27, 2021): $50

Member Registration Fee (AFTER October 27, 2021): $30
Non-Member Registration Fee (AFTER October 27, 2021): $60


This presentation has been designed to meet the requirements of the Return Preparer Office, the California State Board of Accountancy; and the California Tax Education Council including code 31 of Federal Regulations10.6 (g). This does not constitute an endorsement by these groups. A listing of additional requirements to renew tax preparer registration may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA. 95812- 2890, or phone CTEC at (877) 850-2832, or on the Internet at www.ctec.org.

Contact: Jerrie Muir - [email protected] or 9496336378