The objective of this course is to train new, rusty, or returning-to-practice staff with a hands-on, pencil-pushing gold standard for preparing Form 1065. Common to advanced issues of partnerships are explored in the current course that can double as a quick and practical reference guide for tax treatment and tax preparation guidelines. Within each chapter, we illustrate various parts and areas of interest when preparing a 1065, including examples and corresponding tax forms. We bring it all together in the final two chapters with a comprehensive example that integrates and links all previous chapters. The course and instruction delivery are geared toward a basic understanding and progress to more complex issues via Surgent’s “Step-by-Step” preparation guide.
Target Audience
All levels of staff and company controllers responsible for filing these forms
Course Objectives
Learn in detail about the preparation of Form 1065, Schedules M-1, K, and K-1
Learn in detail about common business reporting Forms 4562 and 4797
Provide staff with the first stage of a graduated professional education program in servicing partnership and LLC clients
Subjects
Comprehensive coverage of the Inflation Reduction Act of 2022
Gain a thorough understanding of federal income tax laws for partnerships and LLCs, from formation to tax return preparation issues
Filing requirements for Schedules K-2 and K-3
Who files Form 1065, and who does not file Form 1065
Tax Basis Capital Account Reporting Requirements
Trade or Business income and expenses versus Separately Stated Items
The importance of Schedule M-1
Partnership distributions -- current or liquidating, cash or property
How to allocate recourse and nonrecourse debt
Self-employment tax issues; court cases and trends in tax audits of earnings subject to self-employment taxes
Complete coverage of any new legislation enacted before presentation
Section 163(j) limitations
Mastering two common tax forms, Depreciation (4562) and Sale of Assets (4797)
Final regulations on Section 168(k)
Partnership reporting oddities
Accurately preparing partnership returns and reconciling book income to taxable income
The Centralized Audit Regime under the Bipartisan Budget Act of 2015
