Preparing Form 1065: Part 2 (Currently Unavailable)

Author: Greg White

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.

Publication Date: January 2019

Designed For
Tax practitioners

Topics Covered

• Opportunity Zones
• Real estate business planning tips for opportunity zones
• Schedule K
• Self-employment tax issues
• Limited partners
• LLCs and self-employment taxes
• Sec. 179 for partnerships
• Schedule L
• Income statement
• Tax vs. book income
• Schedule M-1
• New rules for parking expenses
• Entertainment deductions
• Schedule M-2
• Schedule M-3
• Form 8916-A
• Schedule C
• Form 8825 and rental real estate
• Schedules K-1
• Nonrecourse and recourse loans
• At-risk rules
• Passive activity grouping
• Qualified Business Income Deduction (QBID) disclosure on Form K-1
• QBID caps
• Planning for guaranteed payments
• Other forms

Learning Objectives

• Describe and properly prepare the necessary schedules and related forms for Form 1065
• Recognize and apply the need to file forms M-1, M-2, and M-3
• Differentiate between recourse and nonrecourse loans and how they impact individual partners' taxation
• Identify the at-risk rules for LLCs
• Recognize and apply the rules for the Qualified Business Income Deduction under the Tax Cuts and Jobs Act of 2017
• Identify tax benefits related to the opportunity zones and how they apply to your clients
• Identify advantages of investing in qualified opportunity funds
• Describe and apply line items and deductions on Schedule K
• Recognize the tests that must be met under the proposed regulations related to the true limited partner exception to self-employment tax
• Describe the case of Stephen and Angela Hardy (TC Memo 2017-16) and how it applies to your clients
• Differentiate expenses which continue to be 100% deductible
• Identify which de minimis 100% rule was recently repealed relating to deductions
• Describe correct statements regarding Schedule M-2
• Recognize situations where a Schedule M-3 needs to be filed
• Identify types of income or expense should be included on Form 8825 related to rental real estate
• Recognize which types of SSTB where certain wage and property limits apply with respect to QBID

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
None

Advance Preparation
None