Preparing Form 1065: Part 2 (Half-Day Webinar) (Completed)

Date: Tuesday, December 7, 2021
Instructor: Greg White
Begin Time:  12:30pm Pacific Time
1:30pm Mountain Time
2:30pm Central Time
3:30pm Eastern Time
CPE Credit:  4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC

The IRS has made important changes to the 2021 Form 1065. We’ll present a comprehensive course on preparing Form 1065, including in-depth treatment of the important new changes.

In the second part of a two-part Form 1065, experienced tax practitioner and instructor Greg White, CPA, will provide a detailed discussion on how to complete Form 1065 and apply new rules that are crucial to preparing partnership tax returns.

Who Should Attend
Tax practitioners

Topics Covered

  • When should self-employment earnings be reported for an LLC member?
  • Important new clarification on Schedule M-2 reporting
  • How to complete Schedule K-1
    • Including §704(c) requirements
  • Completing Form 8825
  • Electing out of the dangerous new 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
  • Identify partnership clients that are eligible to elect out of the dangerous new IRS audit rules for partnerships (CPAR)
  • Identify how to streamline Form M-3 reporting for some partnerships

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
None

Advance Preparation
None

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