Gain an Understanding of Partnerships and the Nuances of Tax Reporting for Partnerships
Partnership taxation is one of the most complex areas of the Internal Revenue Code. Many tax preparers are intimidated by the complex nature of partnership taxation and therefore avoid taking on partnerships as clients. This topic will break down the partnership tax Form 1065 into manageable sections to help you gain a clearer understanding of the reporting requirements and the intertwined nature of Form 1065 schedules.
Learning Objectives
- You will be able to describe general partner and limited partner.
- You will be able to discuss the concept of pass-through entities and the function of Schedule K-1.
- You will be able to explain general partner vx. limited parnter.
- You will be able to identify when Schedule M-1 or M-3 is required.
Credits
- Live Webinar
- AIPB 2.0
- CPE 2.0 including Taxes 2
Agenda
Define Partnership and the Purpose of Form 1065
- Report Income, Gains, Losses, Deductions, Credits and Other Information From the Operations of a Partnership
- Pass-Through Concept and K-1 Function
- Due Dates and Extensions
Recent Changes to Form 1065 and Associated K-1
- Centralized Partnership Audit Regime and the Designation of a Partnership Representative
- Superseding and Amending Returns - Form 8082
- K-1 Contributions of Property and Changes to Credits
1065 Front Page and Schedule B
- Trade or Business Income and Expenses
- Situations When a Partnership Pays Tax - Imputed Underpayment Amount
- The Purpose of All Those Schedule B Questions
Schedule K and Analysis of Net Income Section
- Separately Stated Items
- Correlation of Schedule K to the Partner’s K-1S
- General Partner vs. Limited Partner and Partner Types
Schedules L, M-1, M-2 and M-3
- Schedule L - Balance Sheet per Books
- When to Prepare Schedule M-3 vs. Schedule M-1
- Correlation of Schedule M-2 to Item L on All K-1S
Speakers
John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST,
Cendrowski Corporate Advisors- Managing director of Cendrowski Corporate Advisors
- Practice is focused on taxation of high net worth individuals and investment entities including partnerships and S corporations
- Adjunct assistant professor at Walsh College where I teach courses in their Masters of Science in Taxation program (partnership taxation and tax accounting)
- Frequent speaker for the Michigan Association of Certified Public Accountants on topics covering taxation, business valuation, and forensic accounting
- Member of the AICPA, MICPA, ACFE, NACVA, MVCA
- B.A. degree in business administration from University of Michigan – Dearborn; M.S. degree in taxation
- Can be contacted at 866-717-1607 or jta@cendsel.com
Who Should Attend
This live webinar is designed for accountants, tax managers, CPAs, presidents, vice presidents, business owners and managers, CFOs, bookkeepers, controllers, enrolled agents, CEOs, and finance directors.
