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

Wednesday, December 13, 2023
09:00 AM - 05:00 PM (Eastern)

Michael Frost, CPA

  • Format Webinar
  • Credits 8.00
  • Level Basic
  • Field of Study Taxes (8)



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.

Major Topics:

  • Comprehensive coverage of the Inflation Reduction Act of 2022 
  • Gain a thorough understanding of federal income tax laws for partnerships and LLCs, from formation to tax return preparation issues 
  • Filing requirements for Schedules K-2 and K-3 
  • Who files Form 1065, and who does not file Form 1065 
  • Tax Basis Capital Account Reporting Requirements 
  • Trade or Business income and expenses versus Separately Stated Items 
  • The importance of Schedule M-1 
  • Partnership distributions -- current or liquidating, cash or property 
  • How to allocate recourse and nonrecourse debt 
  • Self-employment tax issues; court cases and trends in tax audits of earnings subject to self-employment taxes
  • Complete coverage of any new legislation enacted before presentation 
  • Section 163(j) limitations 
  • Mastering two common tax forms, Depreciation (4562) and Sale of Assets (4797) 
  • Final regulations on Section 168(k) 
  • Partnership reporting oddities 
  • Accurately preparing partnership returns and reconciling book income to taxable income 
  • The Centralized Audit Regime under the Bipartisan Budget Act of 2015 


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









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