Total Credits: 8 including 8 Taxes - Technical
Is there anything more challenging for a tax practitioner than correctly filling out IRS Form 1065, the federal tax return for partnerships?
This year, our course is devoted to return preparation challenges. Yes, that will involve some theory along the way such as understanding allocations, properly classifying debt as recourse or nonrecourse and knowing differences in the basis and at-risk rules. For its part, the IRS has made things a bit more confusing by requiring tax basis capital account reporting while LLC company agreements and partnership agreements focus on economic effect and 704 capital accounts.
Join our panel of experienced partnership practitioners who will help you navigate the maze.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to firstname.lastname@example.org.
|Important_CPE Credit Instructions_Read Before Webcast (442.7 KB)||2 Pages||Available after Purchase|
|IRS CE Credit Request Form (137 KB)||Available after Purchase|
|ACPEN_Signature_2022_Essential_Guide_to_Partnership_LLCs_Tax_Return_Preparation_Manual (14.1 MB)||188 Pages||Available after Purchase|
CLINT DAVIS is with the law firm of Krage & Janvey, LLP in downtown Dallas. He graduated cum laude from the SMU Dedman School of Law in 1980 and first in his graduating class from Northwestern State University of Louisiana in 1977 with a Bachelor of Science in Accounting. He was first licensed in Florida as an attorney in 1980 and then in Texas in 1982. He has been a licensed CPA in Texas since 1980. He has been Board Certified in Tax Law by the Texas Board of Legal Specialization since 1988. He has been named as a Super Lawyer, a Top Attorney in Texas by Texas Monthly, one of the Best Lawyers in Dallas by D Magazine and a Top Rated Lawyer by the Dallas Morning News, all in the tax area.
Clint has in the past been an author and discussion leader for numerous CPE courses for the Texas Society of CPAs. Clint also speaks before various bar associations and accounting conferences. and is a frequent presenter and moderator on the Accountants’ Continuing Professional Education Network.
Clint primarily represents high net worth individuals and closely held businesses with much of his time devoted to real estate tax planning, implementation of S corporation ESOPs, mergers and acquisitions and private foundations.
James A. Smith, CPA, CGMA, serves as Managing Director of Smith, Jackson, Boyer & Bovard, PLLC, a Dallas based, full service Certified Public Accounting firm. In his fifty years of professional experience, he has performed audit engagements in real estate development and construction, investment partnerships, manufacturing, utilities, retail, transportation, and health care. He has worked with companies ranging in size from large, multinational corporations to small, closely held businesses. He has also been engaged extensively in tax and financial planning consultations for closely held businesses and their owners; tax compliance and tax controversy representation.
Mr. Smith has been a frequent panelist on ACPEN webinars. He has appeared as a featured commentator on all four Dallas/Ft. Worth network news stations, including three and one-half years as a featured business commentator on KXAS, TV5; on the TSCPA “CPAs on Call” state-wide tax television program; and on various radio news programs. He has conducted seminars on tax and financial planning for the Dallas Chapter of the TSCPA, stock brokerage firms and life insurance companies, and on marketing and practice management for the TSCPA, the North Carolina Association of CPAs, the Arkansas Society of CPAs, the Pennsylvania Institute of CPAs, and the American Institute of CPAs. He has made presentations on analyzing financial statements for the reporting staffs of the Dallas Morning News, Dallas Business Journal, Wall Street Journal, and San Antonio Express. He has also made CPE presentations on SSARS standards for the Illinois Society of CPAs, the Texas Society of CPAs, the Dallas Chapter of TSCPA, the Southeast Texas Chapter of TSCPA, and others.
Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, as an elected member of its Executive Board and its Board of Directors, and as Treasurer and Treasurer-Elect. He served as an elected member of the AICPA Council 2007 through 2011 and 2012 through 2015. He also served as an appointed member of two of the AICPA’s key standard setting committees: the Accounting and Review Services Committee, 2008 through 2011 and the Tax Practice Responsibilities Committee, 2014 to 2018. He has served as Chair of the Dallas Chapter of TSCPA (DCTSCPA) for the 2002-2003 year and a member of its Board of Directors. He has served the TSCPA as Communications Subcommittee Chair of the Federal Tax Policy Committee, Attestation Subcommittee Chair of the Professional Standards Committee, Chair of the External Relations Steering Committee, Chair of the Strategic Planning Committee, Chair of the MAP Future Issues Committee, Sub-Committee Chair of the Quality Review Committee, and Chair of the Public Practice Association. In recognition of his service, Mr. Smith has been named an Honorary Fellow of the TSCPA in 2017, presented with its Meritorious Service to the Accounting Profession in Texas Award in 2013, and had been named Outstanding Steering Committee Chairman for the year 1999-2000, Outstanding Committee Chairman for the year 1995-1996, and Outstanding Committee Member for the Years 1992-1993 and 1995-96. The DCTSCPA also named him CPA of the Year for 1999-2000.
Mr. Smith is a graduate of Southern Methodist University with a BBA in Accounting and Economics. He is a Certified Public Accountant in the state of Texas and is a licensed Registered Investment Advisor.
Mr. Smith resides in Dallas with Charlie, his wife of 50 years. They have three grown daughters, all of whom are married, a grandson and three granddaughters.
William H. “Bill” Wilson, CPA is a director in Whitley-Penn, LLP’s tax and consulting practice where he works on passthrough and tax controversy matters. Bill previously spent 37 years with the IRS, retired as a manager in the Passthrough Entities Practice Area of the Internal Revenue Service’s Large Business and International Division. He has also taught partnership taxation at the graduate level and is a frequent speaker on passthrough entity tax issues.
Bill has an accounting degree from George Mason University and a Master of Taxation degree from Virginia Commonwealth University
Business Professionals' Network (ACPEN)
Please contact Anne Taylor for any complaints.
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
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