- NY Credits : 8.0
- TX Credits : 8.0
- CTEC Credits : Federal Tax Law - 8.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 8.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 8.0
Companion to PPC's 1065 Deskbook - Course 1 - Administrative Matters (T65TG171)
This interactive self-study course examines various administrative matters related to partners, partnerships, and the Form 1065. Lesson 1 takes a look at selecting an appropriate tax year for the partnership. Lesson 2 discusses issues related to the various accounting methods a partnership can use. Lesson 3 covers partnership tax elections. Finally, Lesson 4 discusses the tax matters partner (TMP), amended returns, and due diligence in Form 1065 Preparation.
Course Expiration Date: November 30, 2018
Please note, the grading fee for answer sheets submitted by regular mail is $99.
Identify appropriate methods and strategies for selecting a partnership’s tax year, including using the required year and nonconforming tax year rules and IRC Sec. 444.
Identify the limitations for using the cash method of accounting, how to elect and use the accrual method of accounting, and how to change from the cash to the accrual method.
Recognize how to change accounting methods; report income from long-term contracts, using the percentage-of-completion method, and under the completed contract method; and correct depreciation deductions.
Recognize when to make certain partnership elections, such as electing out of the partnership tax provisions.
Identify the TMP, partnership versus nonpartnership items, and the statute of limitations for partnership items, as well as appropriate methods for requesting an administrative adjustment or an amended return.
Recognize how to address issues related to Form 1065 penalties, due date extensions, other return preparation considerations, schedule K-1 matching, electronic filing, due diligence, and providing electronic schedules K-1 for partners.
Lesson 1—Selecting the Tax Year
Lesson 2—Accounting Methods
Lesson 3—Partnership Tax Elections
Lesson 4—Audit Rules, Amended Returns, and Due Diligence in Form 1065 Preparation