1065: Understanding Partnerships Tax Returns

Overview

Form 1065 is the tax return filed by partnerships, which is one of the most common forms of business organizations in the United States. This course provides an in-depth understanding of the preparation & filing of Form 1065.

The course will cover the basics of partnership taxation, including how partnerships are taxed, the different types of partnerships & the tax obligations of partners. It will also discuss the importance of keeping accurate financial records, the role of the partnership agreement in tax reporting & the filing deadlines for Form 1065.

Participants will gain a comprehensive understanding of the various sections of Form 1065, including the Schedule K-1, which reports each partner’s share of the partnership’s income, deductions & credits. The course will also cover how to report partnership income, expenses & deductions, as well as the tax implications of buying & selling partnership interests.

In addition, the course will provide an overview of common errors & omissions made when preparing Form 1065 & how to avoid them. It will also cover recent changes in tax laws that affect partnership taxation.

Overall, this course is designed for tax professionals, accountants, business owners & individuals who need to understand the intricacies of partnership taxation & the preparation & filing of Form 1065. Upon completion of the course, participants will have a solid understanding of partnership taxation & will be able to prepare & file Form 1065 with confidence.

Please Note: If you need credit reported to the IRS for this IRS-approved program, please download the IRS CE request form on the Course Materials Tab & submit to kori.herrera@acpen.com.