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Continuing Education

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MASTERING TAX PREPARATION FOR PARTNERSHIPS
561 pages + optional open-book final exam

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Members pay $59
Non-members pay $69

Section 1: Ovserview of the 1065. How the 1065 and related forms work. Methods of accounting and required tax years.

Section 2: Introduction to partnerships. Partnerships flow-through and the 1065.

Section 3: Gross income. From operations, interest, dividends, rent. Form 8825.

Section 4: Sale/exchange of capital assets. Reporting on Schedules D and K.

Section 5: Business expense deductions. Compensation, rent, insurance and miscellaneous. Related-party deductions. Guaranteed payments to partners.

Section 6: COGS for tax purposes. Schedule A, line by line. Introduction to the uniform capitalization rules.

Section 7: How to deduct T & E, meal, gift expenses. Reimbursed expenses v. per diem allowances, std. mileage rates, gifts and more.

Section 8: Retirement and benefit plans. Fringe benefits for partners and employees. Keogh plans and SEPS.

Section 9: Deducting bad debt expense. Partially v. totally worthless debts. Bad debt recovery. Nonbusiness bad debts.

Section 10: Deducting taxes. Maximizing real estate, personal property, income, franchise, payroll, state/local tax deductions.

Section 11: Deducting interest expense. Timing deductions. Nonbusiness interest. When interest must be capitalized. Allocating interest expense to partnership activities.

Section 12: Depreciation/amortization. MACRS, ACRS, other methods. Sec. 179 deductions. Amortizing intangibles. Form 4562.

Section 13: Business property sales. Reporting car, furniture and real estate sales on Form 4797 and Sec. 1231 gains/losses on Schedule K.

Section 14: Deducting charitable contributions. Cash v. property v. inventory contributions. Reporting on Schedule K.

Section 15: Preparing Schedule K. Ordinary v. separately stated income/deductions, tax credits, tax preference items, self-employment income.

Section 16: 1065 demographics. Key partnership facts to report.

Section 17: Schedules L and M-2. Reporting balance sheet data. Analysis of partners' capital accounts.

Section 18: Schedule M-1. Reconciling book/taxable income.

Section 19: Schedule K-1. Allocating partnership liabilities to partners and allocating partnership income and loss.

Section 20: Complete an entire 1065, 4562 and 4797. You apply the full course to a partnership's financial data for 1 year.

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