Preparing Form 1065: Part 2
Author: Greg White
| CPE Credit: |
4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
The IRS has made important changes to 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 2024
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 year in which CPAR took effect
- Identify the line of Schedule K that provides a total for other rental income
- Identify the form that should be used to report income and deductible expenses from rental real estate activities
- Identify the property code on Form 8825 that relates to a single-family residence
- Identify the approximate number of eligible partnerships that can and should elect out of CPAR
- Identify the case in which the Tax Court found that being a “limited partner in name only” didn’t qualify you as a limited partner SE tax exclusion
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
None
Advance Preparation
None
