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Wednesday, December 2, 2020 Webcast

Form 1065 Boot Camp: Step-by-Step Preparation with Completed Forms (E2012271)

9:00 AM - 4:30 PM EST

Registration: 8:30 AM EST

Webcast


8 CPE Credits in TX

OVERVIEW

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. Common to advanced issues of partnerships are explored in the current course that can double as a quick and practical reference guide for tax treatment and tax preparation guidelines. Within each chapter, we illustrate various parts and areas of interest when preparing a 1065, including examples and corresponding tax forms. We bring it all together in the final two chapters with a comprehensive example that integrates and links all previous chapters. The course and instruction delivery are geared toward a basic understanding and progress to more complex issues via Surgent’s “Step-by-Step” preparation guide.

This course features a live instructor and has been specifically designed for the NJCPA.

DESIGNED FOR

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

BENEFITS

  • Gain a thorough understanding of federal income tax laws for partnerships and LLCs, from formation to tax return preparation issues
  • Schedules K-2 and K-3 reporting requirements
  • Who files Form 1065, and who does not file Form 1065
  • Tax Basis Capital Account Reporting Requirements 
  • Trade or Business income and expenses versus Separately Stated Items
  • The importance of Schedule M-1
  • Partnership distributions -- current or liquidating, cash or property
  • How to allocate recourse and nonrecourse debt
  • Self-employment tax issues; court cases and trends in tax audits of earnings subject to self-employment taxes
  • Complete coverage of any new legislation enacted before presentation
  • Section 163(j) limitations
  • Mastering two common tax forms, Depreciation (4562) and Sale of Assets (4797)
  • Final regulations on Section 168(k)
  • Partnership reporting oddities
  • Accurately preparing partnership returns and reconciling book income to taxable income
  • The Centralized Audit Regime under the Bipartisan Budget Act of 2015

HIGHLIGHTS

  • Learn in detail about the preparation of Form 1065, Schedules M-1, K, and K-1
  • Learn in detail about common business reporting Forms 4562 and 4797
  • Provide staff with the first stage of a graduated professional education program in servicing partnership and LLC clients

COURSE LEVEL

Basic

PREREQUISITES

None

ADVANCE PREPARATION

None

ADDITIONAL NOTES

  • This seminar qualifies for IRS credit.
Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.

INSTRUCTOR

Nicole DeRosa

Nicole M. DeRosa, CPA, MAcc

Partner

Wiss & Company, LLP

Nicole M. DeRosa is a tax partner with Wiss in Florham Park, NJ and has more than 15 years of public accounting experience, specializing in taxation for closely held businesses and individuals. In addition to working with clients in an array of industries, she was also an adjunct professor at Raritan Valley Community College, where she taught Tax Accounting for Individuals for four years.

Ms. DeRosa is a member of the New Jersey Society of Certified Public Accountants and is active on the Content Advisory Board and Federal Taxation Interest Group; she is currently a member of the Board of Trustees. In 2019, she was awarded the “Women to Watch” Ovation Award, which applauds the growth and success of female members for their leadership, potential, contributions, and commitment to fostering the success of their colleagues. In 2022, she was awarded the “Impact” Ovation Award, which recognizes those who exhibit exemplary efforts and stellar achievement in advancing the interests and needs of New Jersey’s accounting profession through active engagement, leadership, and advocacy. Ms. DeRosa was also named to the 2022 edition of the NJ BIZ Power 50 List for the third year in a row; this list accounts for the most influential men and women in the accounting profession that helps to keep the states’ business on track. In Nicole’s spare time, she enjoys staying active at the gym, volunteering at the local animal shelter, and is active in various charitable organizations, such as St. Jude.

Ms. DeRosa is a graduate of Fairleigh Dickinson University, with degrees in accountancy and a Master of Science in Accountancy.

PRICING

$389.00 - Nonmember

$289.00 - Member

Event Cancelled

This event has been cancelled.

ADDITIONAL OPTIONS

Print a registration form

ALSO AVAILABLE

COURSE DEVELOPER

Surgent

AREAS OF INTEREST

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