Date: July 30th , 2026

Time: 11amET | 10am CT | 9am MT | 8am PT

Duration: 390 Minutes

Course Overview:

The IRS has continued to provide a domestic filing exception for Schedules K-2 and K-3 in applicable tax years, subject to certain eligibility requirements. This course explains the current rules governing that exception, including qualifying foreign activity thresholds, partner eligibility, and required notifications.

This case-driven online continuing education course is designed to help accountants and tax professionals quickly strengthen their understanding of partnership, LLC, and LLP taxation. A central feature of the training is the hands-on preparation of Form 1065 using a realistic trial balance commonly encountered in partnership tax return preparation.

Partnership taxation follows a two-level reporting framework. The partnership reports income, gains, losses, deductions, and credits, while the partners report their distributive shares on their individual returns. Because partnerships do not pay income tax at the entity level, partners receive Schedule K-1 (Form 1065) rather than W-2 wages for their ownership shares.

This practical CPE/CE webinar combines foundational instruction with more advanced issues, making it useful for both newer preparers and experienced professionals seeking a refresher. Participants will work through the preparation of a complete and accurate Form 1065 and related schedules using a hands-on, pencil-pushing approach.

Learning Objectives:

• Discuss partnership formation and contribution rules under Subchapter K.
• Calculate partner basis and apply the appropriate basis adjustments.
• Explain partnership distribution rules and the tax treatment of sales or transfers of partnership interests.
• Apply federal filing requirements for partnerships, including Form 1065 reporting obligations.
• Evaluate accounting period options available to partnerships.
• Identify common IRS compliance issues and filing pitfalls affecting partnerships, LLCs, and LLPs.

Topics Covered:

• Partnership formation and contributions.
• Subchapter K rules and partner responsibilities.
• Partner basis calculations and adjustments.
• Partnership distributions and sales of partnership interests.
• Accounting periods and filing compliance.
• IRS problem areas and common partnership return mistakes.

Credits and Other information:

• Recommended CPE credit – 7.0
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 390 Minutes

Who Will Benefit:

• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners

About Our Speaker:

J. Patrick Garverick , CPA (US), CFP®

J. Patrick “Pat” Garverick is a Certified Public Accountant based in the Phoenix, Arizona area and one of the most respected tax and financial education instructors in the profession. He began his career in public accounting in 1988 after earning his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. In 1992, he completed his Master of Taxation (MT) degree at Arizona State University and shortly thereafter launched his own tax and financial planning practice, combining deep technical expertise with day-to-day client advisory work.mncpa+3

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®), a combination of credentials that allows him to bridge tax, retirement, and broader financial planning issues seamlessly in both his client work and his teaching. Since the early 1990s, he has been writing, reviewing, and delivering tax and financial planning continuing professional education courses across the country, with a particular focus on practical, case-driven programs that help practitioners apply complex rules to real-world returns and planning scenarios