Don Farmer's Preparing Form 1065: Navigating the Latest IRS Changes for Partnership Returns - VIRTUAL

Overview

The IRS has made big changes to Form 1065, and we’re here to help you stay ahead. In part one of a two-part seminar, tax experts Greg White, CPA, and George Koutelieris, CPA, will guide you through a comprehensive, hands-on course for preparing Form 1065. You’ll get an in-depth look at the latest updates and new requirements, along with practical guidance on how to accurately complete partnership tax returns under these new rules. Whether you’re new to partnerships or a seasoned pro, this session will sharpen your skills and boost your confidence heading into tax season.

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 §743.
• New IRS form allowing revocation of section 754 election and when it's possible to revoke the election.
• Answering Form 1065 questions on passive activity grouping.

Prerequisites

An understanding of federal income taxation of real estate transactions.

Designed For

CPAs and tax professionals involved in the world of tax.

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 §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.

Preparation

None