1065 Preparation and Planning 1: Tax Fundamentals (2018 Edition) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

This course, the first in the series, provides a comprehensive review of the principles of partnership income tax preparation, which are applicable to LLCs treated as partnerships for federal income tax purposes. It provides an overview of preparing Form 1065.

This course reflects the tax law before the enactment of TCJA.

Publication Date: October 2017

Designed For
Tax practitioners.

Topics Covered

• Nature of form 1065
• Definitions related to Partnerships and Limited Liability Companies (LLCs)
• Check-the-box regulations
• Filing rules
• Completing the information section of Form 1065
• Schedule B

Learning Objectives

• Explain the conduit theory of taxation and the operation of the check-the-box regulations
• Identify the filing requirements for Form 1065—including due dates and who is the person responsible for filing—as well as electronic filing options
• Complete the information required on the top of page 1 of Form 1065 and Schedule B, page 2 of Form 1065
• Describe accounting method and tax year restrictions

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
Prepare a Form 1065 including Schedules K-1 and M-3

Advance Preparation
None