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Partnership Income Tax (Form 1065)

PUBLISHER:- Robert (Bob) Steele

LANGUAGE:- English

PRIZE:- 117.50$ 0$

Partnership Income Tax (Form 1065)

WHO CAN ACCESS THIS COURSE :-

  • Tax professionals
  • Business owners considering a Partnership form of business entity
  • Tax and accounting students

WHAT ARE YOUR REQUIREMENTS FOR THIS COURSE ?

  • None

WHAT YOU ARE GOING TO LEARN FROM THIS COURSE ?

  • How to enter tax data for an Partnership into Form 1065
  • How to use tax software to input a Form 1065
  • How to use an Excel worksheet to support tax data input for a Partnership tax return Form 1065
  • How to enter and track Schedule K adjustments
  • How to enter and track M-1 adjustments
  • How to enter and review data for Form K-1

DESCRIPTION

This course currently consists of a comprehensive problem showing the data input process of a Partnership into tax Form 1065.

This course will put together a systematic format of entering data into a Form 1065 that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again.

We will enter each M-1 adjustment individually into both the tax return and an Excel worksheet so that we fully understand how they work.

We will start by reviewing the data for the comprehensive problem.

Then we will enter the data into an Excel worksheet that will be used to help us organize the information.

We will be using Lacerte Tax software to enter the tax data into Form 1065. However, we will also provide PDF files of the tax forms so learners can enter the data directly into the tax forms as we go. The tax forms can also be found on the IRS website.

The course will demonstrate how to enter the data into the tax forms in stages to reduce potential mistakes and to identify mistakes as they happen so they can be fixed as easily as possible.

We will start the data input with the balance sheet.

Then we will enter the income statement as it is formatted in the adjusted trial balance.

Next, we will systematically go through Schedule K and M-1 adjustments. We will isolate these adjustments, reviewing them on the tax forms, in the software, and using our Excel worksheet.

We will then review the tax forms.

Next, we will review the Form K-1s and basic calculations.

The course will demonstrate the exporting of the K-1 Form to the individual Form 1040 for an owner of the Partnership, showing the flow-through process.

COURSE CONTENT

  • 2 sections • 23 lectures • 4h 10m total length

Introduction1 lecture • 6min

  • IntroductionPreview05:41

Comprehensive Problem22 lectures • 4hr 5min

  • Documents To Download00:00
  • Comp 1 Partnership Comprehensive Problem Part 1 Review DataPreview12:18
  • Comp 2 Partnership Comprehensive Problem Part 2 Excel Worksheet20:01
  • Comp 3 Partnership Comprehensive Problem Part 3 Review Tax Return07:07
  • Comp 4 Partnership Comprehensive Problem Part 4 Enter Beginning Balances12:08
  • Comp 5 Partnership Comprehensive Problem Part 5 Depreciation Schedules15:45
  • Comp 6 Partnership Comprehensive Problem Part 6 Balance Sheet08:58
  • Comp 7 Partnership Comprehensive Problem Part 7 Income Statement21:09
  • Comp 8 Partnership Comprehensive Problem Part 8 Balance The Balance Sheet06:14
  • Comp 9 Partnership Comprehensive Problem Part 9 Purchase of Equipment09:57
  • Comp 10 Partnership Comprehensive Problem Part 10 M-1 Depreciation18:29
  • Comp 11 Partnership Comprehensive Problem Part 11 M-1 Sale of Equipment19:05
  • Comp 12 Partnership Comprehensive Problem Part 12 Sch. K Dividend Income08:00
  • Comp 13 Partnership Comprehensive Problem Part 13 Sch. K Interest Income07:24
  • Comp 14 Partnership Comprehensive Problem Part 14 Sch. D Sale08:43
  • Comp 15 Partnership Comprehensive Problem Part 15 Sch. K Contributions05:35
  • Comp 16 Partnership Comprehensive Problem Part 16 M-1 Tax Exempt Interest06:42
  • Comp 17 Partnership Comprehensive Problem Part 17 M-1 Meals07:41
  • Comp 18 Partnership Comprehensive Problem Part 18 COGS06:26
  • Comp 19 Partnership Comprehensive Problem Part 19 Sch K-113:10
  • Comp 20 Partnership Comprehensive Problem Part 20 Diagnostics & Review19:43
  • Comp 20 Partnership Comprehensive Problem Part 20 Diagnostics & Review10:30

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