Partnership Income Tax – Form 1065 (Currently Unavailable)
Certified public accountants are always looking for convenient ways to complete their continuing professional education requirements. With tax season rapidly approaching, there is no better time to brush up on your partnership income tax knowledge than now. CPAs in all states are enjoying the hassle-free nature of the Partnership Income Tax: Preparing Form 1065 series offered by CCH CPELink.
What the Series Covers
With three courses offering a total of 10 continuing professional education (CPE) hours, this Wolters Kluwer self-study series provides a comprehensive review of the principles of partnership income tax preparation. Led by experienced tax practitioner and instructor Greg White, CPA, our Partnership Income Tax: Preparing Form 1065 series is approved as a form of CPE by the National Association of State Boards of Accountancy (NASBA). It will detail the following topics:
- Reporting of trade and business income and deductions
- Planning tips for partnerships and LLCs, including information on Opportunity Zones
- Details on schedules and supplemental information that should accompany Form 1065
- How partnerships are treated by the IRS and what qualifies as "imputed underpayments."
- An overview of the Tax Cuts and Jobs Act and how it affects qualified business income deduction
- And more.
Form 1065 is critical for partnerships as it is used to help partners determine their own tax filings. It’s not, necessarily, a form that is required to pay taxes because partnerships are not taxed at the partnership level. Or, are they? Beginning with the 2018 tax year, there is a possibility the IRS could audit a partnership and assess tax as “imputed underpayments.” The Centralized Partnership Audit Regime (CPAR) has changed the landscape for tax professionals and stepped up the due diligence and work necessary to file Form 1065 properly. Careful work on the 1065 could even make sure your partnership clients are not subject to some of the more surprising and harsher elements of the CPAR. In the first part of a two-part Form 1065 self-study program, experienced tax practitioner and instructor Greg White, CPA, will walk you through the necessary concepts you must understand to file Form 1065. This program discusses how partnerships are treated by the IRS, what is necessary to file Form 1065, and the basic concepts of partnership and partner taxation that apply to passthrough entities including partnerships and LLCs.
In the second part of a two-part Form 1065 self-study program, experienced tax practitioner and instructor Greg White, CPA, will provide a detailed discussion of planning tips that can be adapted to partnerships and LLCs when filing a Form 1065 as well as an in-depth discussion of some of the more detailed elements of the Form itself. This will also include information of the Opportunity Zones and how they can help partners save on taxes.
In this on-demand lesson, tax expert and educator Greg White, provides a high-speed overview that focuses on the qualified business income deduction (QBID) and how it works for partnerships, S corps, and LLCs. Designed for EAs, tax professionals, and CPAs, the course will help you learn to identify the new effective tax rates and 20% deduction for K-1 income, identify accumulated earnings under TCJA, and more.
Total: 3 courses (10 CPE hours)
