Form 1065 Boot Camp: Step-by-Step Preparation with Completed Forms (1065)

Overview

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.

Major Topics:

• 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 

 

Learning 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