Learn to enter tax data for a Partnership into tax Form 1065 from a CPA
β±οΈ Length: 4.2 total hours
β 4.53/5 rating
π₯ 34,352 students
π December 2019 update
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Course Overview
- This intensive “Partnership Income Tax (Form 1065)” course offers an in-depth, practical exploration of U.S. federal taxation for various partnership structures (General, Limited, LLPs, LLCs electing partnership status). You will grasp the distinct tax implications and crucial flow-through taxation concept, where income and losses pass directly to partners. The curriculum meticulously dissects IRS Form 1065, U.S. Return of Partnership Income, detailing each section for correct population. Critical accompanying schedules are thoroughly covered, including Schedule K-1 (Partner’s Share of Income, Deductions, Credits), vital for individual partner tax reporting, and Schedules M-1 (Book-Tax Reconciliation) and M-2 (Analysis of Net Income). These schedules are essential for reconciling financial records with IRS requirements and managing adjustments and distributions, alongside mastering key concepts like capital accounts, partner’s basis, and basis adjustments.
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Requirements / Prerequisites
- A foundational understanding of basic financial accounting principles, including familiarity with financial statements, is highly recommended for interpreting raw financial data for tax preparation. While specific partnership tax knowledge isn’t required, a general grasp of U.S. federal income tax concepts (e.g., taxable income, deductions, credits) will prove beneficial, though specialized rules are taught comprehensively. Participants require reliable computer and internet access. Basic spreadsheet proficiency is advantageous for data organization, but not mandatory. This course is designed to be accessible to individuals new to partnership taxation, offering comprehensive guidance.
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Skills Covered / Tools Used
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Skills Covered
- Comprehensive Partnership Tax Preparation: Develop the critical ability to accurately classify, interpret, and input partnership income, expenses, deductions, and credits into IRS Form 1065 and related schedules. This includes translating financial statements into tax-ready information, reconciling book-to-tax differences, and preparing Schedule K-1 for each partner. Acquire expertise in tracking, adjusting, and reconciling partner capital accounts, understanding their impact on distributions and basis, while ensuring adherence to federal partnership tax regulations and mitigating risks like basis limitations.
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Tools Used
- Official IRS Forms & Supplemental Software: The primary tools include IRS Form 1065 and its essential schedules (K-1, M-1, M-2), explored through practical application. The course also leverages principles relevant to professional tax software, preparing learners for any system, and utilizes spreadsheet software (e.g., Excel) for efficient data organization, calculations, and managing tax-related tracking. Official IRS publications and instructions are emphasized for authoritative guidance.
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Benefits / Outcomes
- Upon successful completion, you will possess the practical skills and confidence to accurately prepare and file IRS Form 1065 for diverse partnership structures, ensuring all federal tax requirements are met. This includes mastering Schedule K-1 completion for individual partners. You will also significantly elevate your professional credibility in tax accounting, qualifying for specialized roles and enabling effective client advisory. Develop a deep understanding of partnership flow-through taxation, empowering you to identify tax planning opportunities and contribute strategically to partnership decisions.
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PROS
- Expert CPA Instruction: Learn directly from a Certified Public Accountant, guaranteeing practical, accurate, and industry-relevant insights based on professional experience.
- High Student Satisfaction: A robust 4.53/5 rating from over 34,000 students reflects exceptional course quality and effective learning outcomes for a broad audience.
- Efficient & Targeted Learning: A concise 4.2-hour course specifically focused on Form 1065, offering a direct path to acquiring essential partnership tax skills efficiently and effectively.
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CONS
- Limited Scope for Niche Cases: While providing a strong foundation, the course may not delve deeply into highly complex, specialized, or unique partnership tax scenarios that typically require advanced study or extensive practical experience.
Learning Tracks: English,Finance & Accounting,Taxes
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