Unlocking Form 1065: Common Errors and How to Avoid Them

Event: Live Webinar
Event Date: 23 May, 2024
Presenter: Nicholas Preusch
Event Time: 1 pm EST
Duration:60 Minutes

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 opportunity to elevate your expertise and safeguard your financial interests. Register now to reserve your spot and embark on a journey 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: Discover 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
  • Tax preparers
  • EAs
  • Tax Attorneys
  • CFO
  • CEOs

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. Currently Nick is an adjunct professor at the University of Mary Washington. Nick has been recognized as the Top 5 Under 35 CPAs in Virginia by the VSCPA in 2017 and CPA Practice Advisor’s Top 40 Under 40. He is a member of the VSCPA’s Tax Advisory Committee and Ethics Committee, and the AICPA’s Tax