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Home > Taxation > Form 1065: Balance Sheet and Reconciliation
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Overview of Federal Income Taxation or comparable
Knowledge Level
Copyright 2013

Publication Date
October, 2013
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Form 1065: Balance Sheet and Reconciliation
Introduction Organization Learning Objectives Author Bios
Title: Form 1065: Balance Sheet and Reconciliation
Prerequisite: Overview of Federal Income Taxation or comparable knowledge/experience
Advance Preparation: None
Knowledge Level: Intermediate
Subject Matter Area: Taxes
Date of Publication: October 2013
Copyright © 2013 by Thomson Reuters/Tax & Accounting. All rights reserved.
Recommended CPE Credits: 1 QAS/Registry (50-minute hour)
Expiration Date: One year from date of receipt to complete program and submit quizzer to obtain credit
Passing Grade for Quizzer: 70 percent or higher

Most practitioners deal with Form 1065, U.S. Return of Partnership Income, on a regular basis. This program explores the balance sheet, the reconciliation of income per books with income per return, and the Schedule M-3.

This program includes expert analysis by Ian J. Redpath, JD, LLM, and Carolyn Turnbull, CPA, MST, on audio and video.

Use of Materials

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.

This program is divided into four (4) chapters and a glossary.

Chapter 1 describes the circumstances under which a partnership is not required to complete the balance sheet or the reconciliation of income per books with income per return, as well as the purpose and general reporting requirements of the balance sheet.

Chapter 2 considers the presentation of assets, liabilities, and capital on the balance sheet.

Chapter 3 examines Schedule M-1, including the purpose of the form, reconciling items, separately stated items that are included in taxable income or loss at Schedule M-1, Line 9, and a line-by-line analysis of the proper reporting of book and tax differences.

Chapter 4 takes a look at the reconciliation of net income/loss as reported on Schedule M-3, including the purpose of the form, the filing requirements, reportable entity partners, and specific instructions on how to complete each section.

The Glossary defines frequently used key terms.

Helpful Guidance

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 Bisk CPEasy alert is intended to warn the practitioner of a particular situation that may require action or other consideration by the client or the practitioner on behalf of the client.

A Bisk CPEasy point presents analysis or commentary that attempts to explain or clarify authoritative guidance.

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

Upon successful completion of this program, the user should be able to discuss the general filing requirements for the balance sheet; classify items comprising beginning and ending assets, liabilities, and partners' capital accounts on Schedule L, Balance Sheets per Books, Form 1065; discuss the reconciling items required to adjust book income reflected in the Schedule L book-basis balance sheet to taxable income reflected in the Analysis of Net Income (Loss) schedule at the top of Page 4, Form 1065 and at Line 9, Schedule M-1, Reconciliation of Income (Loss) per Books With Income (Loss) per Return; and determine which partnerships are required to file Schedule M-3 instead of Schedule M-1.

Stephen T. Galloway, JD, is Director of Editorial for Thomson Reuters Tax and Accounting in Tampa, Florida. In this capacity, he is responsible for all content development in the Bisk CPA Review and Bisk CPEasy continuing professional education product lines, as well as all audio and video operations of the Division. Mr. Galloway previously served as Vice President of Editorial and Audio/Video Production at Bisk Education, Inc., for 22 years. Mr. Galloway's background also includes more than a decade of legal and public accounting experience, mostly in the tax and litigation services groups of Coopers & Lybrand, LLP (now PricewaterhouseCoopers, LLP). He has authored several books and monthly publications in the area of taxation, as well as produced numerous audio and video programs in taxation, accounting and auditing, and graduate-level business administration. Mr. Galloway earned his Bachelor of Arts degree in Social and Behavioral Sciences from The Johns Hopkins University and his Juris Doctorate from University of Maryland Francis King Carey School of Law. He is a member of the American Bar Association. (Author)

Ian J. Redpath, JD, LLM, is a nationally recognized tax attorney and consultant from Buffalo, New York. He is a principal in the Redpath Law Offices where he specializes in tax litigation matters. Mr. Redpath has published numerous articles on contemporary tax issues and co-authored several books. He has extensive national and international experience in developing, writing, and presenting professional CPE programs. In addition to his active tax practice, he serves as a Professor of Taxation at Canisius College in Buffalo. (Contributing Author/Speaker)

Carolyn Turnbull, CPA, MST, CGMA, works as a tax consultant in Orlando, FL. Ms. Turnbull has more than 30 years of experience in the tax profession assisting companies and their owners with their individual, trust, partnership, and corporate tax compliance and tax planning needs. Her experience includes family limited partnerships, international tax issues, mergers and acquisitions, and estate and gift taxes. Ms. Turnbull recently completed a three-year term on the IRS Advisory Council, and was named one of the Top 40 Tax Advisors to Know in a Recession in the April 2009 edition of CPA Magazine. (Speaker)

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