Self-Study

Surgent's Form 1065 Boot Camp: Step-by-Step Preparation With Completed Forms

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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 subjects

• Comprehensive coverage of HR 1, One Big Beautiful Bill Act.
• 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 program?

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

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $159.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

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