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

Course Details

Date

Self-Study

Location

Online

Field of Study

Taxation

CPE Credit

8 hours CPE credit

Level of Knowledge

Beginning

Vendor

Surgent McCoy CPE, LLC

Prerequisites

None

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.

Highlights

  • 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

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

Designed For

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

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