- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
Most practitioners deal with Form 1065, U.S. Return of Partnership Income, on a regular basis. This program explores the balance sheet, the reconciliation of income per books with income per return, and the Schedule M-3.
Upon successful completion of this course, the user should be able to:
identify the general filing requirements for the balance sheet;
identify the classification items comprising beginning and ending assets, liabilities, and partners' capital accounts on Schedule L, Balance Sheets per Books, Form 1065;
recognize the reconciling items required to adjust book income reflected in the Schedule L book-basis balance sheet to taxable income reflected in the Analysis of Net Income (Loss) schedule at the top of Page 4, Form 1065 and at Line 9, Schedule M-1, Reconciliation of Income (Loss) per Books With Income (Loss) per Return; and
recognize which partnerships are required to file Schedule M-3 instead of Schedule M-1.