Preparing Form 1065: Part 1 (Currently Unavailable)
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 |
The IRS has made important changes to the 2021 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: December 2021
Designed For
Tax practitioners
Topics Covered
- 2021 changes on Schedule K
- When does a business involving spouses require a partnership return?
- How to eliminate late-filing penalties for partnership returns
- When must a partnership return be filed?
- How to apply the bonus depreciation rules to partnership step-ups under §743
- New IRS form allowing revocation of section 754 election
- When it's possible to revoke the election
- Answering Form 1065 questions on passive activity grouping
- When should real estate partnerships elect out of the 30% interest expense limit under §163(j)?
- Including new changes in the depreciable period used for real estate businesses that elect out of §163(j)
Learning Objectives
- Identify circumstances under which a business involving only two spouses requires a partnership return
- Identify strategies to eliminate late-filing penalties for partnership returns
- Compute bonus depreciation on partnership step-ups under §743
- Identify circumstances where a partnership can revoke a section 754 election
- Recognize how to determine how to answer Form 1065 questions on passive activity grouping
- Identify an advantage to not filing Form 1065
- Identify the most important factor in determining whether an arrangement constitutes a partnership
- Differentiate types of partnerships and how they apply
- Identify one of the four requirements that must be met for easier reporting
- Recognize how many different situations §734 adjustments can occur
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
None
Advance Preparation
None
