Surgent's Form 1065 Boot Camp: Step-by-Step Preparation with Completed Forms
8.00 Credits
Member Price $279
Non-Member Price $299
Overview
The objective of this course is to train new, rusty, or returning-to-practice staff with a hands-on, pencil-pushing gold standard for preparing Form 1065. Common to advanced issues of partnerships are explored in the current course that can double as a quick and practical reference guide for tax treatment and tax preparation guidelines. Within each chapter, we illustrate various parts and areas of interest when preparing a 1065, including examples and corresponding tax forms. We bring it all together in the final two chapters with a comprehensive example that integrates and links all previous chapters. The course and instruction delivery are geared toward a basic understanding and progress to more complex issues via Surgent’s “Step-by-Step” preparation guide.
Highlights
- Comprehensive coverage of the Inflation Reduction Act of 2022
- Gain a thorough understanding of federal income tax laws for partnerships and LLCs, from formation to tax return preparation issues
- Filing requirements for Schedules K-2 and K-3
- Who files Form 1065, and who does not file Form 1065
- Tax Basis Capital Account Reporting Requirements
- Trade or Business income and expenses versus Separately Stated Items
- The importance of Schedule M-1
- Partnership distributions -- current or liquidating, cash or property
- How to allocate recourse and nonrecourse debt
- Self-employment tax issues; court cases and trends in tax audits of earnings subject to self-employment taxes
- Complete coverage of any new legislation enacted before presentation
- Section 163(j) limitations
- Mastering two common tax forms, Depreciation (4562) and Sale of Assets (4797)
- Final regulations on Section 168(k)
- Partnership reporting oddities
- Accurately preparing partnership returns and reconciling book income to taxable income
- The Centralized Audit Regime under the Bipartisan Budget Act of 2015
Prerequisites
None
Designed For
All levels of staff and company controllers responsible for filing these forms
Objectives
- Learn in detail about the preparation of Form 1065, Schedules M-1, K, and K-1
- Learn in detail about common business reporting Forms 4562 and 4797
- Provide staff with the first stage of a graduated professional education program in servicing partnership and LLC clients
Preparation
None
Leader(s):
Leader Bios
Michael Frost, Shareholder & Tax Partner, MDA Professional Group, P.C.
Mike Frost, CPA, is an associate and shareholder of MDA Professional Group, P.C. and has been with the Albertville office since 1989. Currently a tax partner, he specializes in all areas of income tax and small business consulting including but not limited to: business and individual income tax preparation and planning, estate and retirement planning, estate, gift, and trust tax preparation, small business consulting, Medicare planning and other elder care, audit representation, religious groups and clergy. Frost has conducted CPE engagements and seminars for the Alabama Society of Enrolled Agents and the Childcare Resource Network of Alabama and is an instructor for the Alabama Society of Certified Public Accountants. Mike has served as technical advisor for tax articles for the Sand Mountain Reporter newspaper, and has been a regular on the public speaking circuit. Mike graduated with “high honors and distinction” from Jacksonville State University with a major in accounting and a minor in finance and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants, the Alabama Society of Certified Public Accountants, and the Accountants Global Network, International. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA. Mike is an ordained minister and pastor. He enjoys music, and is a vocalist in a local Christian band. He is also active in his community as an Albertville Rotarian. Mike resides in Albertville, Alabama with his wife, Kay, and two children, Dylan and Sarah.
Non-Member Price $299
Member Price $279