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22WS-1218: Surgent's Form 1065 Boot Camp: Step-by-Step Preparation with Completed Forms (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Date Wednesday, December 14, 2022
Time 8:00am - 4:00pm
Central Time
Location Online
CPE credits CPE 8.0
Field(s)
of study
Taxes - Technical (8.0)
Instructor Michael Frost, CPA
American Institute of Certified Public Accountants
Fees
Standard Member Fee $279.00
Standard Nonmember Fee $279.00

Description

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.

Who should take this program?

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

Major subjects

  • Gain a thorough understanding of federal income tax laws for partnerships and LLCs, from formation to tax return preparation issues
  • Schedules K-2 and K-3 reporting requirements
  • 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 objective(s)

  • 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

Notes:

Course code Code 22WS-1218
Sponsor Surgent
NASBA ID#: 103212
Level Basic
Format Group Internet Based
Prerequisites Prereq. None
Advance
prep
None

If you have questions about this event, please call us at 952-831-2707.