Form 1065 Boot Camp: Step-by-Step Preparation with Completed Forms Webinar

The objective of this course is to train new, rusty, or returning-to-practice staff with a hands-on, pencil-pushing gold standard for preparing Form 1065. This boot camp provides an in-depth foundational center of the forms, along with other common to advanced issues of partnerships and limited liability companies. As details are discussed within each chapter, information is provided to prepare an intricate Form 1065. The course and instruction delivery is geared toward a basic understanding and progresses to more complex issues via Surgent’s “Step-by-Step” preparation guide. The boot camp allows staff to discover the connections between a trial balance and a completed partnership return, with a filled-in completed Form 1065 provided in the case solutions.
Highlights

• Gain a thorough understanding of federal income tax laws for partnerships and LLCs, from formation to tax return preparation issues
• Who files Form 1065, and who does not file Form 1065
• Trade or Business income and expenses versus Separately Stated Items
• The importance of Schedule M-1
• Maintaining Capital Accounts
• Partnership distributions -- current or liquidating, cash or property
• How to allocate recourse and nonrecourse debt
• Self-employment tax issues
• Complete coverage of any new legislation enacted before presentation
• Other developing issues and hot topics
• Mastering two common tax forms, Depreciation (4562) and Sale of Assets (4797)
• Partnership reporting oddities
• Accurately preparing partnership returns and reconciling book income to taxable income