1065 Mastering Preparation and Planning Part 1

Overview

The IRS has made important changes to the Form 1065. We’ll present a comprehensive course on preparing Form 1065, including in-depth treatment of the important new changes. Join experts Greg White, CPA, and George Koutelieris, CPA as they walk you through how to complete Form 1065 and apply new rules that are crucial to preparing partnership tax returns.

Highlights

Changes on Schedule K. Schedules K-2 and K-3. 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 Schedule 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.

Prerequisites

None

Designed For

Tax Practioners

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 Schedule 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.

Notice

IRS Approved