Course ID: PF65

Preparing Form 1065: Understanding the Basics

Partnership taxation is arguably the most complex area of tax that most CPAs will deal with, and that complexity carries over to preparing the Form 1065. This course, designed for CPAs who are comfortable with the basics of individual and business income taxation, will look at applying the various provisions that must be considered when preparing a partnership’s Form 1065. The CPA will gain a base of knowledge to allow him/her to properly prepare those 1065s for which he/she is engaged to perform the compliance services, and enable the CPA to then be ready to add to that knowledge with more advanced training to enable him/her to assist clients in planning engagements regarding partnerships.


LEARNING OBJECTIVES
  • The importance of understanding the partnership or operating agreement and its impact on preparing a proper Form 1065
  • Separating items to be reported on Page 1 from those reported elsewhere on the Form 1065
  • Computing and reporting the proper allocation of income/expense items on partners’ K1s
  • Reporting the proper allocation of partners’ share of debt items on Schedule K-1 and why this computation is so crucial
  • Be able to determine if the partnership must file Schedule M-3 in lieu of Schedule M-1

MAJOR TOPICS
  • What the Accountant Needs to Know Before Preparing the Form 1065 for a Partnership
  • Preparing Form 1065 Page 1 – Trade or Business Income
  • Preparing Form 8825 – Rental Income and Expenses
  • Preparing Schedule K – Partners’ Distributive Share Items
  • Computing the Allocation of Items and Preparing Partners’ Schedules K-1
  • Preparing Schedule L and Analysis of Net Income (Loss)
  • Preparing the Schedules M – M-1, M-2 and M-3
  • Dealing with the Information Questions on Schedule B
  • Other Partnership Matters

DESIGNED FOR
Accountants who prepare or will be preparing Forms 1065

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Nichols Patrick CPE, Inc

CPE CREDITS
8.0

LEVEL
Intermediate

This course is avaliable for your group as:

Group Live
 

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