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IRS Form 1065: Top 10 Common Errors and How to Avoid Them

EVENT DATE:

Jun 13,2024

PRESENTER(s): Nick Preusch CPA

1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 60 Minutes
  • Webinar Instruction will be emailed on your registered email address 3 days prior to webinar
  •  | 
  • Web Download / e-Transcript will be shared in 7 working days from the date of webinar

This program has been approved NASBA & IRS CPE Credit 1(Taxes)

Join us for an insightful Continuing Professional Education (CPE) webinar where we delve into the intricacies of Form 1065 and explore the top 10 common mistakes encountered by tax professionals. Whether you're a seasoned practitioner or just starting your journey in tax preparation, this webinar will equip you with essential knowledge to navigate the complexities of partnership tax reporting with confidence.

Led by seasoned tax experts, this webinar will offer a comprehensive analysis of the Form 1065, focusing on identifying and addressing potential pitfalls that could lead to costly errors. From basic oversights to more nuanced challenges, we'll cover a range of topics including partnership allocations, basis calculations, reporting requirements, and more.

Major topics covered in :
 
  • Understanding partnership taxation fundamentals
  • Introduction to Form 1065 and its importance in partnership taxation
  • Proper handling of partner contributions and distributions
  • Navigating the complexities of partnership allocations
  • Ensuring accuracy in reporting partner's capital accounts
  • Addressing common errors in Schedule K-1 preparation
  • Compliance with IRS regulations and reporting requirements
  • Correctly calculating and reporting partner's share of income, deductions, and credits
  • Mitigating risks associated with reporting partnership liabilities
  • Identifying and rectifying errors in partnership accounting methods
  • Strategies for effective error detection and correction
Learning Objectives: 

By attending this webinar, participants will gain valuable insights into best practices for Form 1065 preparation, enabling them to minimize errors, reduce compliance risks, and optimize tax outcomes for their clients. Don't miss this opportunity to enhance your expertise and elevate your proficiency in partnership tax reporting

Credits and Other information:

  • Recommended CPE credit – 1.0
  • Recommended field of study – Taxes
  • Session Prerequisites and preparation: None
  • Session learning level: Basic
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • NASBA Sponsor: 146439
  • IRS Credits: 1 Tax Hour
  • IRS Course ID: PJGWS
  • Attendance Requirement:  Yes

Who Will Benefit:

  • CPA
  • Enrolled Agents (EAs)
  • Tax Professionals
  • Attorneys
  • Other Tax Preparers
  • Finance professionals
  • Financial planners
Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Speaker Profile:
Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues.

Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, University of Connecticut with a MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions and IRS practice and procedure.

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