What You'll Learn

In this course, you will be guided on how to accomplish Form 1065 for partnerships in the US, covering the following topics:

  • What Is Form 1065 and Who Must File It?

  • Understanding the Structure of Form 1065

  • Preparing to File

  • Completing the Core Form

  • Schedule K and Schedule K-1

  • Advanced Topics in Form 1065

Course Content

    1. Welcome

    1. Understanding the Purpose of Form 1065

    2. Overview of Partnership Taxation (Pass-Through Entities)

    3. Key Filing Deadlines and Penalties for Late Filing

    4. E-Filing Requirements and Exceptions

    5. Common Types of Partnerships

    6. Knowledge Check

    1. Layout of Form 1065 and Its Schedules

    2. Summary of Each Section and Its Purpose

    3. Required vs. Optional Schedules

    4. Navigating the IRS Instructions and Updates

    5. Knowledge Check

    1. Reviewing the Partnership Agreement

    2. Gathering Financial Statements and Supporting Documents

    3. Choosing the Accounting Method (Cash vs. Accrual)

    4. Determining the Tax Year and Fiscal Period

    5. Using Tax Preparation Software and Tools

    6. Knowledge Check

    1. Line-by-Line Walkthrough of Page 1 (Income and Deductions)

    2. Tax and Payment Sections

    3. Common Errors and How to Avoid Them

    4. Knowledge Check

    1. Purpose and Overview of Schedule K

    2. Allocating Income, Deductions, and Credits

    3. Completing Schedule K-1 for Each Partner

    4. Handling Special Allocations and Guaranteed Payments

    5. Reporting Foreign Transactions and Withholding

    6. Distributing and Filing K-1s

    7. Knowledge Check

About this course

  • $10.00
  • 41 lessons

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