About Partnership Income Tax (Form 1065) Training 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.

Partnership Income Tax (Form 1065) Training 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 the 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

Who is the Form 1065 Bootcamp Course Target Audience?

• All levels of staff and company controllers responsible for filing these forms

What Basic Knowledge is required to learn Form 1065 Bootcamp Course?

• Prior knowledge is not needed