Form 1065 Preparation

Agenda

Define Partnership and the Purpose of Form 1065

• Report Income, Gains, Losses, Deductions, Credits and Other Information From the Operations of a Partnership
• Pass-Through Concept and K-1 Function
• Due Dates and Extensions

Recent Changes to Form 1065 and Associated K-1

• Centralized Partnership Audit Regime and the Designation of a Partnership Representative
• K-1 Partnership Basis Section
• Superseding and Amending Returns - Form 8082

1065 Front Page and Schedule B

• Trade or Business Income and Expenses
• Situations When a Partnership Pays Tax - Imputed Underpayment Amount
• The Purpose of All Those Schedule B Questions

Schedule K and Analysis of Net Income Section

• Separately Stated Items
• Correlation of Schedule K to the Partner's K-1s
• General Partner vs. Limited Partner and Partner Types

Schedules L, M-1, M-2 and M-3

• Schedule L - Balance Sheet per Books
• When to Prepare Schedule M-3 vs. Schedule M-1
• Correlation of Schedule M-2 to Item L on All K-1s

Credits

Faculty

John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST

Cendrowski Corporate Advisors

• Managing director of Cendrowski Corporate Advisors
• Practice focuses on taxation of high-net-worth individuals and investment entities, including partnerships and S corporations
• Adjunct professor at Walsh College, where he teaches courses in their Masters of Science in Taxation program (partnership taxation and tax accounting)
• Recognized valuation and economic damages expert in federal and various state circuit courts
• Frequent speaker for the Michigan Association of Certified Public Accountants on topics covering taxation, business valuation, and forensic accounting
• Member of the AICPA, MICPA, ACFE, and NACVA
• M.S. degree in taxation, Walsh College; B.A. degree in business administration, University of Michigan-Dearborn
• Can be contacted at [email protected] or 866-717-1607