Form 1065 Boot Camp: Step-by-Step Preparation with Completed Forms (1065) [NON CPE]


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.

Major Topics:

  • Gain a thorough understanding of federal income tax laws for partnerships and LLCs, from formation to tax return preparation issues
  • Who files Form 1065, and who does not file Form 1065
  • The new tax basis reporting requirement for partnerships and 2020 presentation changes made to Form 1065 Schedule K-1
  • Trade or Business income and expenses versus Separately Stated Items
  • The importance of Schedule M-1
  • Maintaining capital accounts: New reporting requirements
  • 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, as updated by the CARES and Tax Relief Acts of 2020; effect of PPP loan forgiveness on partners’ outside bases
  • 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 New Centralized Audit Regime under the Bipartisan Budget Act of 2015


Learning Objectives


  • 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

Designed for:

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



Advanced Preparation:



Contact Allen Kinkle for login details []


Nov 03 2021


9:00 am - 5:00 pm




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Surgent CPE Webinars


Surgent CPE Webinars