Gain an understanding of partnerships and the nuances of tax reporting for partnerships.
Partnership taxation is one of the most complex areas of the Internal Revenue Code. Many tax preparers are intimidated by the complex nature of partnership taxation and therefore avoid taking on partnerships as clients. This topic will break down the partnership tax Form 1065 into manageable sections to help you gain a clearer understanding of the reporting requirements and the intertwined nature of Form 1065 schedules.
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Agenda
Define Partnership and the Purpose of Form 1065
- Report Income, Gains, Losses, Deductions, Credits and Other Information From the Operations of a Partnership
- Pass-Through Concept and K-1 Function
- Due Dates and Extensions
Recent Changes to Form 1065 and Associated K-1
- Centralized Partnership Audit Regime and the Designation of a Partnership Representative
- K-1 Partnership Basis Section
- Superseding and Amending Returns - Form 8082
1065 Front Page and Schedule B
- Trade or Business Income and Expenses
- Situations When a Partnership Pays Tax - Imputed Underpayment Amount
- The Purpose of All Those Schedule B Questions
Schedule K and Analysis of Net Income Section
- Separately Stated Items
- Correlation of Schedule K to the Partner's K-1s
- General Partner vs. Limited Partner and Partner Types
Schedules L, M-1, M-2 and M-3
- Schedule L - Balance Sheet per Books
- When to Prepare Schedule M-3 vs. Schedule M-1
- Correlation of Schedule M-2 to Item L on All K-1s
Credit
More Program Information
Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
MP3 Download
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
OnDemand Course
This course was last revised on March 4, 2021.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Credit
More Program Information
Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST
Cendrowski Corporate Advisors
- Managing director of Cendrowski Corporate Advisors
- Practice is focused on taxation of high net worth individuals and investment entities including partnerships and S corporations
- Adjunct assistant professor at Walsh College where he teaches courses in their Masters of Science in Taxation program (partnership taxation and tax accounting)
- Frequent speaker for the Michigan Association of Certified Public Accountants on topics covering taxation, business valuation, and forensic accounting
- Member of the AICPA, MICPA, ACFE, NACVA and MVCA
- M.S. degree in taxation; B.A. degree in business administration, University of Michigan - Dearborn
- Can be contacted at 866-717-1607 or [email protected]
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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