Preparing Form 1065: Part 1

Author: Greg White

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits

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: November 2023

Topics Covered

• Form 1065 Overview
• Taxable Years
• Late Filing Penalties
• Who Must File?
• Form 1065
• Types of Partnerships
• Real Property Businesses Election Out of §163(j)?

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
• Identify the type of partners allowed to sign Form 1065
• Identify the 2022 audit rate for S Corps based on the IRS Data Books
• Identify the income tax rate that is applicable to partnerships
• Identify an example of an election made by a partnership instead of a partner
• Identify the late filing penalty per partner per month for returns to be filed in 2023 (not to exceed 12 months)
• Identify the 2021 late filing penalty abatement rate for partnerships

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
None

Advance Preparation
None