Mastering Tax Preparation for Partnerships

Mastering Tax Preparation for Partnerships

ISBN: 978-1-884826-98-6

Learn to: Complete Form 1065 and Schedules K and K-1. Reconcile book v. tax income on the M-1. Allocate income, expenses and liabilities to partners. Make better financial decision by understanding the tax implications. Get to fill out a complete Form 1065 and related schedules for a typical partnership. Double-quiz in each section assures that you master it.

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558 pages [324 self-teaching + 234 self-quizzes with detailed answers]

Section 1: Overview of the 1065. How the 1065 and related forms work. Methods of accounting and required tax years.

Section 2: Introduction to partnerships. Partnerships flow-through. Schedules K and K-1 and Form 1065.

Section 3: Gross income. From operations, interest, dividends, rent. Form 8825.

Section 4: Sale/exchange of capital assets. Reporting on Schedules D and K.

Section 5: Business expense deductions. Compensation, rent, insurance and miscellaneous. Related-party transactions. Guaranteed payments to partners.

Section 6: COGS for tax purposes. Schedule A, line by line. Introduction to the uniform capitalization rules.

Section 7: How to deduct T & E, meal, gift expenses. Reimbursed expenses v. per diem allowances, standard mileage rates, gifts and more.

Section 8: Retirement and benefit plans. Fringe benefits for partners and employees. Keogh plans and SEPS.

Section 9: Deducting bad-debt expense. Partially v. totally worthless debts. Bad-debt recovery. Nonbusiness bad debts.

Section 10: Deducting taxes. Maximizing real-estate, personal property, income, franchise, payroll, state/local tax deductions.

Section 11: Deducting interest expense. Timing deductions. Nonbusiness interest. When interest must be capitalized. Allocating interest expense to partnership activities.

Section 12: Depreciation/amortization. MACRS, ACRS and other methods. Sec. 179 deductions. Amortizing intangibles. Form 4562.

Section 13: Business property sales. Reporting car, furniture and real-estate sales on Form 4797 and Sec. 1231 gains/losses on Schedule K.

Section 14: Deducting charitable contributions. Cash v. property v. inventory contributions. Reporting on Schedule K.

Section 15: Preparing Schedule K. Ordinary v. separately stated income/deductions, tax credits, tax preference items, self-employment income.

Section 16: 1065 demographics. Key partnership facts to report.

Section 17: Schedules L and M-2. Reporting balance sheet data. Analysis of partners' capital accounts.

Section 18: Schedule M-1. Reconciling book/taxable income.

Section 19: Schedule K-1. Allocating partnership liabilities to partners and allocating partnership income and loss.

Section 20: Complete an entire 1065, 4562 and 4797. You apply the full course to a partnership's financial data for 1 year.

Publisher: AIPB

Learn to complete the tax return by computing each line and box with the hands-on case-study data. A double-quiz in each section assures that you master each section of the tax return. Each course concludes by giving you one year’s financial data—and you complete the entire tax return.