Event 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.

Designed For

All levels of staff and company controllers responsible for filing these forms

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

Major Subjects

Gain a thorough understanding of federal income tax laws for partnerships and LLCs, from formation to tax return preparation issues Who files Form 1065, and who does not file Form 1065 Trade or Business income and expenses versus Separately Stated Items The importance of Schedule M-1 Maintaining Capital Accounts Partnership distributions — current or liquidating, cash or property How to allocate recourse and nonrecourse debt Self-employment tax issues Complete coverage of any new legislation enacted before presentation Other developing issues and hot topics Mastering two common tax forms, Depreciation (4562) and Sale of Assets (4797) Partnership reporting oddities Accurately preparing partnership returns and reconciling book income to taxable income

Prerequisites

None

Instructions

None