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Real Estate Partnership Returns: Reviewing Form 1065, Schedule K-1, and Attachments to Avoid Common Errors

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, July 9, 2024

Recorded event now available

or call 1-800-926-7926

This course will walk tax practitioners through reviewing Form 1065, U.S. Return of Partnership Income Tax Return, and its related schedules. Our partnership experts will cover recent changes to the form and schedules, common M-1 adjustments, properly reporting liabilities, key elections, and new considerations for partnership tax returns based on recent guidelines and relief.

Description

Missing common elections and disclosures can prove costly. Electing out of bonus depreciation, Section 754 step-ups, and the repairs and maintenance elections are just a few items that require additional disclosures for a partnership to garner the related tax benefits. Now with massive changes from recent legislation, there are many new considerations. The recent surge in unpaid rent and modified lease terms have tax consequences, and tax basis capital reporting requirements are now effective.

Tax practitioners sometimes scroll through Schedule B questions using the SALY (same as last year) approach. They may assume allocations are made following IRS guidelines and the partnership operating agreement. Knowing how to assess the accuracy of a return quickly is a skill. Knowing how to avoid common, costly errors is necessary for flow-through return preparers.

Listen as our panel of partnership experts explains how to avoid common real estate reporting errors, opportunities to expand services based on the Form 1065 review, allocating income under the partnership operating agreement, and other critical steps to ensure a complete and proper return is filed.

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Outline

  1. Reviewing Form 1065
    1. Schedule B
    2. Pages 1-5
    3. Common M-1 adjustments
    4. Schedule M-3
  2. Recent changes
  3. Form 8825
  4. Common footnotes, elections, and other disclosures
  5. K-1 items
    1. Income allocations
    2. Interpreting the partnership agreement
    3. Maintaining capital accounts
    4. Liabilities
  6. Current considerations
    1. Schedules K-2 and K-3
    2. Cares Act
    3. Consolidated Appropriations Act
  7. Best practices

Benefits

The panel will review these and other key issues:

  • What recent changes have been made to Form 1065 and Schedule K-1?
  • What are the critical elections when filing partnership returns?
  • What are the key tax provisions to consider when reviewing a partnership agreement?
  • What steps can practitioners take to self-review prepared partnership returns?
  • What additional service opportunities can arise while reviewing Form 1065?

Faculty

Kramer-Andrew
Andrew Kramer, CPA
Senior Manager
Yeo & Yeo CPAs & Advisors

Mr. Kramer has more than 14 years of client service experience, specializing in tax planning and preparation for...  |  Read More

Ramos, Jeremias
Jeremias Ramos, CPA
Tax Manager
DDK

Mr. Ramos has more than seven years of public accounting with a focus on tax services. His expertise lies within the...  |  Read More

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