The objective of this course is to train new, rusty, or returning-to-practice staff to prepare a complicated federal partnership tax return. The course includes a chapter-by-chapter, hands-on approach to completing Form 1065. As details are discussed within each chapter, information is provided to prepare an intricate Form 1065. The course and instruction delivery is geared toward a basic understanding and progresses to more complex issues via Surgent’s “Step-by-Step” preparation guide. The boot camp allows staff to discover the connections between a trial balance and a completed partnership return, with a filled-in completed Form 1065 provided in the case solutions.
This course features a live instructor and has been specifically designed for the NJCPA.
All levels of staff and company controllers responsible for filing these forms.
- 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
- Gaining a thorough understanding of federal income tax laws for partnerships or 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
- This seminar qualifies for IRS credit.
Course materials are distributed electronically. To access the materials visit My Events
. Download to your laptop or tablet prior to the seminar, handouts are added as received.