Webinar
Form 1065 Boot Camp: Step-by-Step Preparation with Completed Forms
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Thursday, December 5, 2024
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8.00CREDITSTaxes
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.
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
Highlights
- 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