Description:

Join us for an insightful webinar where we delve into the intricacies of Form 1065, focusing on the top 10 mistakes that can cost you time, money, and compliance headaches. Whether you’re a seasoned tax professional, an accountant, or a business owner navigating the complexities of partnership taxation, this webinar is tailored to equip you with the knowledge and strategies to steer clear of common pitfalls.

Whether you’re looking to enhance your understanding of partnership tax compliance or seeking practical tips to streamline your Form 1065 preparation process, this webinar is designed to provide actionable insights that will benefit tax professionals, accountants, and business owners alike.

Don’t miss this opportuníty to elevate your expertise and saféguard your financial interests. Register now to resérve your spot and embárk on a journéy towards mastery of Form 1065 compliance!

Join us for this information-packed webinar with Nicholas Preusch, CPA, JD, LLM, and dissect each of the ten most prevalent errors encountered when completing Form 1065, the U.S. Return of Partnership Income. From overlooking essential filing requirements to misinterpreting complex tax regulations, we’ll cover it all.

Session Highlights:

• Proper Income Classification: Learn to classify partnership income and deductions correctly.
• Schedule K-1 Preparation: Identify and rectify errors in Schedule K-1 preparation.
• Accurate Capital Account Reporting: Understand how to report partner capital accounts accurately.
• Guaranteed Payments: Grasp the implications of guaranteed payments within partnerships.
• Navigating Basis Calculations: Learn to navigate the complexities of partnership basis calculations.
• Income and Loss Allocation: Avoid errors in allocating partnership income and losses.
• Depreciation and Amortization: Ensure compliance with depreciation and amortization rules.
• Distributions Reporting: Address common errors in reporting distributions to partners.
• Equity Transaction Handling: Díscover the correct handling of partnership equity transactions.
• Error Prevention Strategies: Mitigate penalties and audits through effective error prevention strategies.

Session Agenda:

• Introduction to Form 1065 and its importance in partnership taxation
• Overview of the top 10 mistakes made when completing Form 1065
• Detailed analysis of each mistake, including examples and explanations
• Strategies for avoiding these mistakes and ensuring compliance

Learning Objectives:

The main objective of this webinar is to equip participants with the knowledge and tools needed to avoid common mistakes when completing Form 1065. By the end of the session, attendees will have a clear understanding of the key areas where errors commonly occur and will be able to implement strategies to ensure accurate and compliant filing.

Who Should Attend

• CPAs
• EAs
• other tax & financial professionals

Nick Preusch’s primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation. He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases. Nick co-authored Tax Preparer Penalties and Circular 230 Enforcement, a textbook published by Thomson Reuters. He has also been published in the AICPA’s Tax Advisor and Journal of Accountancy along with CCH’s Journal of Tax Practice and Procedure. In 2017, he was named one of the VSPCA’s Top 5 Under 35. In 2018, he was named to CPA Practice Advisor’s Top 40 Under 40. In 2018, he was part of the AICPA’s New Face of Tax ad campaign. Nick is a licensed attorney in New York and a Certified Public Accountant in Virginia. He earned an LLM in Taxation from Georgetown University, a JD from Case Western Reserve University, and an MS in Accounting from the University of Connecticut.