Partnership Income Tax (Form 1065)
4.6 (35 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
4,890 students enrolled

Partnership Income Tax (Form 1065)

Learn to enter tax data for a Partnership into tax Form 1065 from a CPA
4.6 (35 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
4,890 students enrolled
Last updated 12/2019
English
English [Auto]
Current price: $139.99 Original price: $199.99 Discount: 30% off
23 hours left at this price!
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This course includes
  • 4 hours on-demand video
  • 1 article
  • 1 downloadable resource
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • 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
Requirements
  • None
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.

Who this course is for:
  • Tax professionals
  • Business owners considering a Partnership form of business entity
  • Tax and accounting students
Course content
Expand all 23 lectures 04:10:47
+ Comprehensive Problem
22 lectures 04:05:05
Documents To Download
00:00
Comp 2 Partnership Comprehensive Problem Part 2 Excel Worksheet
20:01
Comp 3 Partnership Comprehensive Problem Part 3 Review Tax Return
07:07
Comp 4 Partnership Comprehensive Problem Part 4 Enter Beginning Balances
12:08
Comp 5 Partnership Comprehensive Problem Part 5 Depreciation Schedules
15:45
Comp 6 Partnership Comprehensive Problem Part 6 Balance Sheet
08:58
Comp 7 Partnership Comprehensive Problem Part 7 Income Statement
21:09
Comp 8 Partnership Comprehensive Problem Part 8 Balance The Balance Sheet
06:14
Comp 9 Partnership Comprehensive Problem Part 9 Purchase of Equipment
09:57
Comp 10 Partnership Comprehensive Problem Part 10 M-1 Depreciation
18:29
Comp 11 Partnership Comprehensive Problem Part 11 M-1 Sale of Equipment
19:05
Comp 12 Partnership Comprehensive Problem Part 12 Sch. K Dividend Income
08:00
Comp 13 Partnership Comprehensive Problem Part 13 Sch. K Interest Income
07:24
Comp 14 Partnership Comprehensive Problem Part 14 Sch. D Sale
08:43
Comp 15 Partnership Comprehensive Problem Part 15 Sch. K Contributions
05:35
Comp 16 Partnership Comprehensive Problem Part 16 M-1 Tax Exempt Interest
06:42
Comp 17 Partnership Comprehensive Problem Part 17 M-1 Meals
07:41
Comp 18 Partnership Comprehensive Problem Part 18 COGS
06:26
Comp 19 Partnership Comprehensive Problem Part 19 Sch K-1
13:10
Comp 20 Partnership Comprehensive Problem Part 20 Diagnostics & Review
19:43
Comp 20 Partnership Comprehensive Problem Part 20 Diagnostics & Review
10:30