On-Demand: Partnership Forms
IRS Program #: X9QQU-T-00906-22-S
CTEC #: 6257-CE-0108
CE: 2 IRS CE & 2 CTEC credits
Speaker: Jane Ryder EA, CPA

This session details preparing Form 1065 (Partnerships & LLCs filing as partnerships). Complete examples are provided for most common tax returns including compliance questions, common elections such as the opt out of the streamlined partnership audit regs, also, partner loans, contributions or buy out reporting requirements, best practices for cost of goods sold, tax reporting options to maximize QBI, partner capital accounts and more. Worksheets and examples starting with the client's financial reports, making needed tax adjustments (Tax AJEs), then preparing a complete and accurate business tax return.

Learning Objectives:

• Learn hands on Form 1065 step by step preparation with complete examples
• Understand how to report common elections such as Streamlined Audit Opt Out.
• Determine best strategies for reporting capital accounts, shareholder loans and distributions
• Learn reporting decisions to maximize taxpayer's tax benefits and QBI deduction
• Review the new Schedules K-2 and K-3, which sections are applicable to most entities and tax penalty consequences of failing to prepare these schedules.