Objective
- 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
Highlights
- 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
- 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
Designed For
All levels of staff and company controllers responsible for filing these formsPrerequisite
NoneAdvanced Preparation
None