Don Farmer's Preparing Form 1065: Advanced Strategies for Navigating the Latest IRS Changes

Overview

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The IRS has made big changes to Form 1065, and we’re here to help you stay ahead. Get an in-depth look at the latest updates and new requirements, along with practical guidance on how to accurately complete partnership tax returns under these new rules. Whether you’re new to partnerships or a seasoned pro, this session will sharpen your skills and boost your confidence heading into tax season.

This course is part of a two-seminar series. Take it as a stand-alone seminar or sign up for the entire series for a comprehensive passive activity training.

Highlights

• When should self-employment earnings be reported for an LLC member?
• Important new clarification on Schedule M-2 reporting
• How to complete Schedule K-1, including
• Completing Form 8825
• Electing out of the dangerous new IRS audit rules for partnerships (CPAR)
• When must a partnership complete Form M-3?

Prerequisites

None

Objectives

• Identify partnerships that are able to elect out of the CPAR (centralized partnership audit regime).
• Recognize how to report self-employment earnings for LLC members.
• Identify partnership clients that are eligible to elect out of the dangerous new IRS audit rules for partnerships (CPAR).
• Identify how to streamline Form M-3 reporting for some partnerships.