Preparing Form 1065: Part 2

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

• When should self-employment earnings be reported for an LLC member?
• Important new clarification on Schedule M-2 reporting
• How to complete Schedule K-1
• Completing Form 8825
• Electing out of the dangerous new IRS audit rules for partnerships (CPAR)
• When must a partnership complete Form M-3?

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 IRS form required to be filed if there is a sale or exchange of a partnership interest and part of the gain is attributable to "hot" assets
• Identify the year the CPAR took effect
• Identify the line of Schedule K that provides a total for net rental income
• Identify the schedule that summarizes each partner's share of income and credits
• Identify the property code on Form 8825 that relates to a vacation or short-term rental

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
None

Advance Preparation
None