Course Information
Schedules
- Anytime
Registration period
Year-round Recruitment
Price
-
Course Level
Study Mode
Duration
4 Hour(s)
Language
English
Location
-
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Course Overview
About the Course
The objective of this course is to train new, rusty, or returning-to-practice staff with a hands-on, pencil-pushing gold standard for preparing Form 1065. This boot camp provides an in-depth foundational center of the forms, along with other common to advanced issues of partnerships and limited liability companies. The boot camp allows staff to discover the connections between a trial balance and a completed partnership return, with a filled-in completed Form 1065 provided in the case solutions.
Who is the Target Audience?
All levels of staff and company controllers responsible for filing these forms
Basic Knowledge:
Prior knowledge is not needed
What You’ll Learn
Course Objective
- Recognize and apply the various sections of Form 1065
- Compute capital accounts under the tax basis method required for 2020
- Explain the Centralized Partnership Audit Regime
- Describe how to properly designate a partnership representative
- Recognize advantages and disadvantages of filing Form 1065
- Recognize the requirements for a late filing penalty waived for reasonable cause
- Differentiate examples of an election made by partners instead of a partnership
- Identify a type of other expense included on Line 20 of Form 1065
- Recognize which type of arose after the 1980s energy and real estate meltdowns
- Describe correct statements regarding Section 754 step-ups
- Identify the most important factor in determining whether an arrangement constitutes a partnership
- Recognize types of partners are allowed to sign Form 1065
- Differentiate which types of partners are allowed to sign Form 1065
- Identify one of the four requirements that must be met for easier reporting
- Describe partnership rules and how they apply to various scenarios
