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Live Webinar

100-minute live streaming program
  • March 4
  • 1:00 - 2:40 pm EST

Form 1065 Preparation

March 4

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.

Learning Objectives

  • You will be able to describe general partner and limited partner.
  • You will be able to discuss the concept of pass-through entities and the function of Schedule K-1.
  • You will be able to explain why the IRS implemented the Centralized Partnership Audit Regime.
  • You will be able to identify when Schedule M-1 or M-3 is required.

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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.

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
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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

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for accountants, tax managers, CPAs, presidents, vice presidents, business owners and managers, CFOs, bookkeepers controllers, enrolled agents, CEOs and finance directors.

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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.

Faculty

John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST

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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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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

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Product ID: 408092
Published 2021
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