Preparing Partnership Returns Self-Study
This course is perfect for tax professionals who want to begin learning how to prepare Form 1065, U.S. Return of Partnership Income. Not only does this course cover the basics of partnership taxation, it also covers the step-by-step process of completing a partnership return and the accompanying schedules, tracking the partner’s basis, and finishes with a comprehensive case study. Leave with an understanding of the tax consequences of distributions from a partnership.
Upon completion of this course, you will be able to:
- Identify the advantages and disadvantages of forming a partnership
- Summarize the tax consequences of forming a partnership, including contributions of property or services
- Analyze a partnership agreement and profit/loss allocations
- Choose a tax year and accounting method for the partnership
- Prepare a basic Form 1065, including Schedules K, K-1, L, M-1 and M-2
- Summarize how to report guaranteed payments, fringe benefits and separately stated items for partners
- Compute the partner’s net earnings (loss) from self-employment
- Summarize the reporting requirements for the qualified business income deduction
- Analyze the §179 rules for partnerships
- Recognize items that increase or decrease a partner’s basis in the partnership
- Identify which liabilities increase a partner’s at-risk basis
- Analyze the tax consequences of distributions from a partnership
This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.