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

Description

This course is the hands-on, pencil-pushing gold standard for future tax specialists to begin their mastery of Form 1065. As partnership and LLC entity choice has seen expansive growth over the traditional C corporation, Form 1065 is the new sheriff in town. This boot camp provides an in-depth foundational center of the form series, along with other common to advanced issues of partnerships and limited liability companies. The course includes a chapter-by-chapter, step-by-step approach to completing a sample Form 1065. As details are discussed within each chapter, information is provided to prepare an intricate Form 1065. The manual concludes with the information from each chapter included on a "filled-in" Form 1065.

Highlights

• Gaining a thorough understanding of federal income tax laws for partnerships or LLCs, from formation to tax return preparation issues
• Fully understanding how to report income and deductions, which items must be separately stated, and which are non-separately stated
• Details of the most common M-1 “Book vs. Tax” adjustments and their proper form treatment
• How to fully understand common business Forms 4562 and 4797
• Are capital accounts the same as basis? NO, they are not!
• What business arrangements qualify, or, by default, are treated, as partnerships
• How to assess critically tax basis for recourse and nonrecourse debt
• Understand the proper year end
• Self-employment tax issues
• Complete coverage of any new legislation enacted before presentation
• Other developing issues and hot topics
• Maximizing depreciation deductions
• Partnership oddities with reporting depreciation, sales of assets, and guaranteed payments

Objectives

• Prepare a challenging Form 1065, step by step, with “filled-in” forms provided
• Recognize the importance of Schedule M-1
• Understand the basic concepts of partnership taxation
• Be familiar with the results of the case studies that reinforce key learning points

Designed For

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