NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
The IRS has made important changes to the Form 1065. We'll present a comprehensive course on preparing Form 1065, including in-depth treatment of the important new changes. Join expert Greg White, CPA, as he walks you through how to complete Form 1065 and apply new rules that are crucial to preparing partnership tax returns.
Topics Covered
- When does a business involving spouses require a partnership return?
- Which partners are eligible to sign the partnership return.
- How to eliminate late-filing penalties for partnership returns
- When must a partnership return be filed?
- How to apply the bonus depreciation rules to partnership step-ups under §743
- IRS form allowing revocation of section 754 election
- Answering Form 1065 questions on passive activity grouping
Learning Objectives
- Identify circumstances under which a business involving only two spouses requires a partnership return
- Identify strategies to eliminate late-filing penalties for partnership returns
- Explain how to compute bonus depreciation on partnership step-ups under §743
- Identify circumstances where a partnership can revoke a section 754 election
- Identify which elections are made by the partnership on Form 1065 and which are made on partners’ returns
- Recognize how to answer Form 1065 questions on Schedule B
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.