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The IRS has made important changes to 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 should self-employment earnings be reported for an LLC member and how should they be reported?
- Important clarification on Schedule M-2 reporting
- How to complete Schedule K-1
- Completing Form 8825
- Electing out of the IRS audit rules for partnerships (CPAR)
- When must a partnership complete Form M-3?
Learning Objectives
- Identify partnerships that are able to elect out of the CPAR (centralized partnership audit regime)
- Recognize how to report self-employment earnings for LLC members on Forms K
- Identify how to streamline Form M-3 reporting for some partnerships
- Identify the form that should be used to report income and deductible expenses from rental real estate activities
- Identify the property code on Form 8825 that relates to a single-family residence
- Learn how Schedule M-2 (equity changes) and L (balance sheet) are now “disconnected”
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.