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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Preparing Form 1065: Dealing With The Complexities (PF65)

(Updated for the Tax Cuts and Jobs Act) 8-Hour Program

WHY ATTEND THIS COURSE?

Partnership taxation is arguably the most complex area of tax that most CPAs will deal with, and that complexity carries over to preparing the Form 1065. This course, designed for CPAs who are comfortable with the basics of individual and business income taxation, will look at applying the various provisions that must be considered when preparing a partnership’s Form 1065. The Tax Cuts and Jobs Act has added a new layer of complexity with the qualified business income deduction for passthrough income that CPAs preparing Forms 1065 must deal with. The CPA will gain a base of knowledge to allow him to properly prepare those 1065s for which he is engaged to perform the compliance services, and enable the CPA to then be ready to add to that knowledge with more advanced training to enable him to assist clients in planning engagements regarding partnerships.

DESIGNED FOR...

Accountants who prepare, or will be preparing, Forms 1065. May also be suitable for accountants in public practice or controllers of S corporations.

OBJECTIVE

Participants will be able to:

  • Understand the importance of the partnership or operating agreement and its impact on preparing a proper Form 1065
  • Separate items to be reported on Page 1 from those reported elsewhere on the Form 1065
  • Compute and report the proper allocation of income/expense items on partners’ K-1s
  • Report the proper allocation of partners’ share of debt items on Schedule K-1 and why this computation is so crucial
  • Determine if the partnership must file Schedule M-3 in lieu of Schedule M-1

MAJOR SUBJECTS

  • What the accountant needs to know before preparing Form 1065 for a partnership
  • Preparing Form 1065 Page 1—trade or business income
  • Preparing Form 8825—rental income and expenses
  • Preparing Schedule K—partners’ distributive share items
  • Qualified business income information required to be reported to partners under the Tax Cuts and Jobs Act
  • Computing the allocation of items and preparing partners’ Schedule K-1
  • Preparing Schedule L and analysis of net income (loss)
  • Preparing the Schedules M—M-1, M-2, M-3
  • Dealing with the information questions on Schedule B
  • Other partnership matters

COURSE ACRONYM: PF65

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Intermediate

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes/Partnership Taxation

RECOMMENDED CPE CREDIT: 8 hours


CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.