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

Friday, September 24, 2021
09:00 AM - 05:00 PM (Eastern)

Lori Scarlat, CPA

  • Format Webinar
  • Credits 8
  • Level Basic
  • Field of Study Taxes (Technical) (8)

$259.00

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Overview

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. This boot camp provides an in-depth foundational center of the forms, along with other common to advanced issues of partnerships and limited liability companies. 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.

Major Topics:

  • 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

Learning 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

Who should take this course:

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

None

None

Yes

No

No

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