Description

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.

Instructor: Michael Frost, CPA

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 HR 1, One Big Beautiful Bill Act 

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