- NY Credits : 4.0
- TX Credits : 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
Most practitioners deal with Form 1065, U.S. Return of Partnership Income, on a regular basis. This program explores the multitude of deductions that may be available to the partnership, including compensation, repair and maintenance expense, bad debt expense, rents, taxes, interest expense, depreciation, depletion, expenses for retirement plans and employee benefit programs, amortization of start-up costs and IRC Sec. 197 intangibles, meals, travel and entertainment expenses, and the IRC Sec. 199 deduction. It also contains the IRS tables on the limitations on depreciation deduction for passenger automobiles, trucks, and vans, and in the case of leased vehicles, tables containing the inclusion amount that is added to gross income for passenger automobiles, trucks, and vans.
Upon successful completion of this course, the user should be able to:
recognize the various business deductions for partnership;
choose the proper rules to use for repairs and maintenance;
determine acceptable expense elections and depreciation methods; and
recognize how cost of goods sold is determined.