AA. Introduction to the Federal Income Tax Issues of Partnership Taxation and the Preparation of Form 1065 | Webinar
August 19, 2022
- 10:00 am - 2:30 pm Pacific Time Zone
- 11:00 am - 3:30 pm Mountain Time Zone
- 12:00 pm - 4:30 pm Central Time Zone
- 1:00 pm - 5:30 pm Eastern Time Zone
- Course Description
IRS: Federal Tax Law Topics 5 CPE
CTEC: Tax Law 5 CPE
NASBA: Taxes 5 CPE
This course will introduce the tax professional to the preparation of Form 1065 for an entity doing business as partnership under Sub-chapter K of the Internal Revenue Code. It will discuss the issues pertaining to the entity itself not being subject to an income tax and the pass through those of tax characteristics to the investors. For the experienced preparers of Form 1065 it will strengthen the tax knowledge dealing with distributions, limitation on losses, special allocations issues and the concept of entity debt creating basis for the partners. It will reiterate the importance of inside and outside basis issues and the requirement of maintaining capital accounts for the partners. This course will discuss the tax issues of formation operation and legislation for both the entity and the investors.
- Learning Objectives
This course will provide the tax professional with the tools necessary to properly prepare the Form 1065 and the related Schedule K-1 of the partners. It will discuss the items which increase and decrease partner basis as well as discuss the impact of debt of the partnership. The course will discuss guaranteed payments to partners of the partnership as well as self-employment tax issues and distributions to partners.
The course will discuss the general rule of tax free formation of the partnership to both the partners and the partnership under §721 as well as the designated exceptions to the non-recognition of income.
The course will discuss the differences of the general partnership vs. other pass through entities under the Internal Revenue Code.
The participant will also have an understanding of the federal tax issues of the check the box regulations for Limited Liability Companies and the general requirement to file a Partnership Form 1065.
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