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Deep Dive Into Form 1065 For Experienced Preparers

Preparing Form 1065 CPE Self-Study Course

4 Credits

$49

Subject Area

Taxes

Webinar Qualifies For

4 CPE credit of Taxes for all CPAs

4 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00666-21-S)

4 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0630)

4 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

4 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00666-21-S)

4 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00666-21-S)

4 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

Before starting this self study program, please go through the instructional document.

Overview

  • Exempt Status
    11 mins
  • Why is Getting the 990 Correct Important?
    26 mins
  • Form 990 - Program Services
    58 mins
  • General Overview
    83 mins
  • Related Organizations
    104 mins
  • Substantially Related
    123 mins
  • Schedules
    136 mins

Course Description

Partnerships have specific tax reporting requirements that are different from other businesses. Partnership taxes are a two-step process: The partnership as an entity must report income, gains, and losses, and credits, and deductions, like other businesses. However, partnerships don't pay taxes on the income. Instead, the partners pay taxes on their share of the partnership income they're paid. The Online CPE/CE webinar provides a comprehensive hands-on, pencil-pushing understanding of the preparation of partnership/LLC tax returns, along with the underlying laws, regulations, etc.

This online CPE/CE webinar covers this comprehensive approach in two parts. The first part instruction delivery is geared toward basic understanding and progresses to complex issues. While the second part deals with complex issues on the subject. 

Key topics included in this online CPE workshop:

  • An extensive review of the partnership tax laws with an emphasis on any new legislative changes 
  • Comparison of partnerships, LLCs and LLPs
  • Overview of the formation of a partnership/LLC and the §704(c) pre-contribution gain or loss rules
  • Schedule K analysis– determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items
  • How to schedule K items get allocated to partners on schedule K-1s
  • Look at detailed Schedule K-1 information reporting to partners needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations
  • Learn the special tax treatment of fringe benefits paid on behalf of the partners and LLC members
  • Discuss partner guaranteed payments and self-employment tax issues.
  • Overview of the tax treatment of distributions, recourse and nonrecourse debt allocations, §754 election for optional basis adjustments and §743/§734 mandatory basis adjustments.


There is no such thing as an easy partnership return. This part will look at more complex 1065 topics that you need to know in order to prepare a partnership return. It will look at things such as 704(c) property, disguised sales and basis adjustments. We will not only look at the complex ideas to help you prepare the tax returns, but will also look at how they relate to the tax return and what needs to be done on the tax return. In this part, the speaker will provide a step-by-step practical and interactive insight on complex issues persisting in the world of tax reporting for partnerships.

Key topics covered in this online CPE Webinar:

  • Partnership organizations
  • Partnership contributions
  • Special allocations
  • Current and Liquidating Distributions
  • Capital Accounts
  • Inside and outside basis
  • IRC 737
  • Disguised Sales
  • IRC 754
  • Ending partnerships, Rev Rul 99-6 


Click to access more CPE webinars on Latest Tax Update CE/CPE Webinars | Free CPE Ethics Courses | Free CPE Webinars 

Learning Objectives

  • To recognize the partnership income tax law from a tax-form perspective
  • To identify the Efficient use the information gathering process (i.e. asking the right questions) to prepare returns
  • To Learn about Capital Accounts, Disguised Sales and Related complex issues pertaining in Partnership Taxes
  • To get a comprehensive understanding about the complex issues such as IRC 754 and Ending of Partnerships etc. 

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Director of Accounting
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA