Schedules L and M: Balance Sheet Best Practices 1.5 Credits
Filing 1065 Returns with Drake Software
Learning mode
As tax professionals, staying up-to-date on how to report balance sheets and reconcile income accurately is crucial to avoid errors and ensure compliance. Join us as we delve into the nuances of the IRS's expectations for Schedule L (Balance Sheet), Schedule M-1 (Reconciliation of Income), and Schedule M-2 (Partners' Capital Accounts), all within the framework of Drake Tax Software.
This course is part of the Drake Tax Software 1065 Filings series and will provide an in-depth review of Schedule L, M-1, and M-2, essential components of Form 1065. Discover how Drake Tax Software streamlines these processes and ensures accuracy when entering data for your partnership clients. From understanding balance sheet entries to mastering income reconciliation and capital account analysis, this hands-on approach will boost your confidence in partnership tax reporting. We'll also highlight the exemptions for small partnerships, which may not need to complete these schedules but often choose to for added clarity.
Major topics covered:
Join us to get practical tips on using Drake for accurate, efficient partnership filings. Don’t miss out on learning how to navigate the complexities of Schedule L, M-1, and M-2 in Drake—enhance your partnership tax preparation skills today.
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1.5 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02292-25-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02292-25-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1851) | 1 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1.5 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02292-25-O) | 1 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-02292-25-O) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1.5 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02292-25-O) | 1 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1.5 CPE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1.5 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02292-25-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02292-25-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1851) | 1 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1.5 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02292-25-O) | 1 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-02292-25-O) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1.5 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02292-25-O) | 1 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1.5 CPE | Eligible |
Credits
Course Level
Instructional Method
Pre-requisites
Advance Preparation
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Gregory Holzel is an accomplished accountant and Certified Public Accountant (CPA) with expertise in financial analysis, auditing, and budgeting.
Education: Gregory holds an MBA with a concentration in Finance, graduating magna cum laude from Shippensburg University in May 2023. During his studies, he achieved a remarkable GPA of 3.82. Prior to his MBA, he completed a Bachelor's degree in Accounting at Central Penn College in Summerdale, PA, graduating magna cum laude in 2021. Gregory also served as a tutor during his undergraduate studies.
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Before transitioning into the role of a Senior Auditor, Gregory served as a Senior Staff Accountant at Fleet Repair Solutions in Grantville, PA, from 2018 to 2021. In this position, he conducted detailed financial analysis, prepared financial statements, and played a vital role in budget preparation and month-end closing. Gregory was also responsible for designing, implementing, and maintaining accounting policies, procedures, and controls.
Certification: Gregory Holzel became a Certified Public Accountant (CPA) in 2023, further demonstrating his commitment to professionalism and expertise in the field.
Skills: With a strong background in accounting and finance, Gregory possesses a wide range of skills. His areas of expertise include financial planning and analysis (FP&A), financial reporting, payroll, auditing, budget preparation, variance analysis, and cost accounting. He is proficient in utilizing tools such as QuickBooks desktop and QuickBooks online (QBO), SQL, and Microsoft Office, particularly Excel at an expert level. Additionally, Gregory has experience working with SAP and is familiar with nonprofit accounting, public accounting, and private industry practices.
Gregory Holzel is a dedicated and knowledgeable professional who consistently strives for excellence in the field of accounting. His combination of education, certifications, and practical experience makes him a valuable asset in any accounting or finance role.
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DC
Sound quality of the poll question person I think moderator? Was terrible. Background noise thru part of presentation. I had hoped they would cover more of retained earning
.webp "Annual Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)")
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