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. Gain a base of knowledge so that you can properly prepare those 1065s, and add to that knowledge with more advanced training that will help you assist clients in planning engagements regarding partnerships.
DESIGNED FOR
Accountants who prepare, or will be preparing, Forms 1065. May also be suitable for
accountants in public practice or controllers of S corporations.
BENEFITS
- 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
- Determining if the partnership must file Schedule M-3 in lieu of Schedule M-1
HIGHLIGHTS
- What the accountant needs to know before preparing 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’ Schedule K-1
- Preparing Schedule L and analysis of net income (loss)
- Preparing the Schedules M — M-1, M-2, M-3
- Dealing with the information questions on Schedule B
- Other partnership matters
COURSE LEVEL
Intermediate
PREREQUISITES
None
ADVANCE PREPARATION
None
Help Feed Those in Need
- The NJCPA Emerging Leaders Council is hosting a Food Drive to benefit the Community FoodBank of New Jersey. Please bring your nonperishable items and canned goods to this event. Peanut butter and tuna fish are always needed.