2024 Partnership Update and Review Course: Preparation of Form 1065
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Session Begins: 1:00 PM ET/12:00 PM CT/11:00 AM MT/10:00 AM PT
Session Concludes: 3:00 PM ET/2:00 PM CT/1:00 PM MT/12:00 PM PT
This course provides detailed guidance to Tax Professionals about the Federal Tax Issues of operating a small business as a partnership. The course reviews the challenges and flexibility of Subchapter K of the Internal Revenue Code. The session discusses the creation of a partnership and the operation for federal income tax purposes. The course will discuss the reporting requirements that impact the individual partners and their Form 1040. The session reviews the partner’s basis in the partnership interest, distributive share of partnership profits and losses and the impact of entity debt on the individual partners. Specific changes impacting the filing of the 2024, Form 1065 will be highlighted.
At the completion of the session, participants will better understand the challenges, benefits and the burdens of partnership taxation. The participants will also be better equipped to assist clients in their planning and their reporting responsibilities and understanding their outside basis and the applicable limitation on allowable losses passed through on their individual Schedule K-1 and how it impacts the filing of an individual partner’s personal Form 1040.
Disclaimer:
Webinars are interactive audio-visual presentation courses led by an NSTP Instructor. These courses include a pre-recorded session and may also include PowerPoints slides, a PDF textbook or both.
Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author,the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual's reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials and during the seminar presentation before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any particular device, technique or suggestion before recommending the same to a client or implementing the same on a client's or on his or her own behalf.
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NSTP reserves the right to cancel any program or course for circumstances that are not under direct control of NSTP. If a course or program is canceled, participants will be refunded 100% of their registration fee.
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