Surgent's Form 1065 Boot Camp: Step-by-Step Preparation with Completed Forms

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.

Highlights

• 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
• Schedules K-2 and K-3 reporting requirements
• 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

Prerequisites

None

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

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.