IRS Form 1065: Top 10 Mistakes and How to Avoid Them

Mistakes are a part of life and errors of any kind are a common occurrence. That's why pencils have erasers! Fixing them takes skill and knowledge of the rules whether they are amendments to the various business, individual, or payroll tax returns. 

Be familiar with the often-complicated process of amending tax returns so that you don't make the same mistake twice. Be proactive and amend the returns as soon as you become aware of substantial errors and before the IRS contacts you.

Form 1065 is an information return used to report the income, gains, losses, deductions, credits, and other information from the operation of a partnership. A partnership doesn't pay tax on its income but passes through any profits or losses to its partners. Partners must include partnership items on their tax or information returns.

Speaker Nicholas Preusch, in this webinar, will look at the most common mistakes made on Form 1065.

In this course, we will look at the most common mistakes made on Form 1065. This course will give you confidence that you are correctly identifying major IRS audit issues and potential pitfalls when preparing a client’s partnership tax return. We will also look at several more advanced Form 1065 issues to help you tackle any Form 1065 that comes your way! 

• To explain common Form 1065 mistakes.
• To analyze advanced Form 1065 issues.
• To determine how to fix various issues with partnership returns.

Key topics covered in this course:

• Improper Classification – Husband/Wife LLC
• No Partnership/LLC Agreement
• Allocations on K-1 in Year of Partner Change Reporting Quirk
• Contributions of Property
• Liquidating Distributions
• Tax Basis Capital
• Partner Leaves Partnership
• Multiple Activities
• De Minimis Safe Harbor vs. Small Taxpayer Safe Harbor
• 754 Mechanics 

• CPAs
• Tax Practitioners
• Tax Preparers Managers
• Bookkeepers & Accountants
• Tax Consultants
• Tax Professionals who desire to tackle advanced Form 1065 issues