- 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 classification of items reported on Schedule L;
recognize the reconciling items required to adjust book income reflected in the Schedule L book-basis balance sheet to taxable income;
identify common items on the Schedule M-3 book tax reconciliation; and
recognize the tax implications for reportable entity partners.