Description
Gain an understanding of partnerships and the nuances of tax reporting for partnerships.Partnership taxation is one of the most complex areas of the Internal Revenue Code. Many tax preparers are intimidated by the complex nature of partnership taxation and therefore avoid taking on partnerships as clients. This topic will break down the partnership tax Form 1065 into manageable sections to help you gain a clearer understanding of the reporting requirements and the intertwined nature of Form 1065 schedules.
Date: 2021-03-04 Start Time: End Time:
Learning Objectives
Define Partnership and the Purpose of Form 1065
• Report Income, Gains, Losses, Deductions, Credits and Other Information From the Operations of a Partnership
• Pass-Through Concept and K-1 Function
• Due Dates and Extensions
Recent Changes to Form 1065 and Associated K-1
• Centralized Partnership Audit Regime and the Designation of a Partnership Representative
• K-1 Partnership Basis Section
• Superseding and Amending Returns • Form 8082
1065 Front Page and Schedule B
• Trade or Business Income and Expenses
• Situations When a Partnership Pays Tax • Imputed Underpayment Amount
• The Purpose of All Those Schedule B Questions
Schedule K and Analysis of Net Income Section
• Separately Stated Items
• Correlation of Schedule K to the Partner’s K-1s
• General Partner vs. Limited Partner and Partner Types
Schedules L, M-1, M-2 and M-3
• Schedule L – Balance Sheet per Books
• When to Prepare Schedule M-3 vs. Schedule M-1
• Correlation of Schedule M-2 to Item L on All K-1s
AIPB ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST-Cendrowski Corporate Advisors
