Tax Reporting for Partnerships

Overview

The partnership is one of the most important business structures used in the United States today. According to statistics provided by the Internal Revenue Service, 3.7 million partnerships filed tax returns for tax year 2015 on behalf of some 28 million partners. In comparison, according to the same source more than 6 million tax returns were filed for corporations for the same period. While other courses will deal with corporations, in this course we will focus on tax reporting for partnerships and the many characteristics of individual partnerships that affect the partnership tax return.

The course will deal with a number of common situations encountered in tax preparation for partnerships but will be general in nature and will not cover the more complex aspects of partnerships that are better left to be covered in more advanced courses. Although it is not intended to be a thorough review of the intricacies that can be involved in complicated partnership situations, the course serves to orient the student to preparing tax returns for partnerships and creates familiarity with the most commonly-used forms.

Learning Objectives

Upon conclusion of this course, students will be able to:
  • use background information provided about a partnership to correctly identify the forms used to report the partnership’s annual activities to the IRS and to its partners
  • given examples of certain events that took place within the tax year relating to a partnership, correctly calculate the effect on the basis of the partners
  • given examples of partnership guaranteed payment and distributive share agreements, correctly calculate the amount of money that would be included by the partners on their individual tax returns based on the partnership’s operating results for the year
  • identify the main purpose of the main sections of Form 1065, and the type of information contained in each section
  • given details of a partnership’s income and deductions for the year, identify the locations where each item should be reported on Form 1065 including the carry-over to Schedule K-1 for each partner

Tax Year: 2019

Designed For

CPAs, EAs, and other tax professionals
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