Most practitioners deal with Form 1065, U.S. Return of Partnership Income, on a regular basis. This program examines which entities are required to file Form 1065, the regular and extended due dates, the authorized private delivery services, where to file Form 1065, who is authorized to sign the return, taxpayer and preparer penalties, the General Information section on Page 1 of Form 1065, the Other Information section on Page 2 of Form 1065, partner and partnership elections, accounting methods and how to change an accounting method, and partnership tax years.

This program includes expert analysis by Ian J. Redpath, JD, LLM, and Michael J. Tucker, LLM, CPA, on audio and video.

Use of Materials

Audio or DVD
The user should begin by watching the DVD segment or listening to the audio CD for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the DVD or listening to the audio CDs and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or DVD or audio CDs that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.

Online
The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.

Chapter 1 addresses the rules regarding which entities must file Form 1065 and those that are excluded from the filing requirements.

Chapter 2 discusses which partnerships fall under the electronic filing requirements, the due date of Form 1065, the procedures for requesting an extension of time to file and the new rules concerning the length of the extension, the rules surrounding meeting the "timely mailing as timely filed/paying" rule when using a private delivery service, the proper location to file Form 1065, and the authorized persons who may sign Form 1065.

Chapter 3 explores the various penalties that may apply to partnerships and tax return preparers.

Chapter 4 reviews the General Information section that is found on Page 1 of Form 1065.

Chapter 5 takes a look at the Other Information section located on Page 2 of Form 1065 including the numerous questions about the partnership and the role of a tax matters partner.

Chapter 6 provides a list of elections common to the partnership and the individual partners.

Chapter 7 describes the accounting methods available to partnerships, the procedures for requesting a change in accounting method, the automatic changes that do not require IRS permission, and the required IRC §481 adjustments.

Chapter 8 examines partnership taxable year options, the requirements for making an IRC §444 election, and the procedures for requesting a change of tax year.

Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designations:

A Biskalert is intended to warn the practitioner of a particular situation that may require action or other consideration by the taxpayer or the practitioner on behalf of the taxpayer.

A Biskpoint presents analysis or commentary that attempts to explain or clarify statutory or regulatory authority or decisions by the judiciary.

A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.

Ian J. Redpath, JD, LLM, is a nationally recognized tax attorney and consultant from Buffalo, New York. He has written numerous articles on contemporary tax problems and has extensive national and international experience in developing and presenting professional CPE programs. In addition to his active tax practice, Mr. Redpath serves as a Director of Graduate Tax Programs at Canisius College in Buffalo, NY. (Contributing Author/Speaker)

Michael J. Tucker, LLM, CPA, is a consultant with the accounting firm of T.M. Byxbee Company, P.C., in Hamden, Connecticut. In his practice, Mr. Tucker handles a wide variety of client transactions, including mergers and acquisitions, entity formations and dissolutions, and distributions to owners/shareholders/partners. He is also a Professor of Accounting at Quinnipiac University in Hamden, Connecticut. Author of over 100 articles and books dealing with various tax topics, Mr. Tucker is a frequent lecturer at conferences and seminars throughout the country. Recently, Mr. Tucker has expanded his practice and lecturing to include topics related to the workplace, including sexual harassment and employer/employee relations. He holds an LLM in Taxation from Georgetown University Law Center, a Juris Doctorate from New York University School of Law, a PhD in Accounting from University of Houston, and an MBA from New York University. (Contributing Author/Speaker)