The IRS has made important changes to the 2022 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.
Publication Date: December 2022
Designed For
Tax practitioners
Topics Covered
- 2022 changes on Schedule K
- Schedules K-2 and K-3
- When does a business involving spouses require a 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
- Answering Form 1065 questions on passive activity grouping
- When should real estate partnerships elect out of the 30% interest expense limit under §163(j)?
- Including new changes in the depreciable period used for real estate businesses that elect out of §163(j)
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
- Recognize how to compute bonus depreciation on partnership step-ups under §743
- Identify circumstances where a partnership can revoke a section 754 election
- Recognize how to determine how to answer Form 1065 questions on passive activity grouping
Level
Basic
Instructional Method
Self-Study
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.