The rules for partnerships are complex and taxpayers and practitioners must plan carefully to avoid potential pitfalls, both for the partnership and for the individual partners. Partnerships must report income and expenses annually on Form 1065 and related forms. This course provides an overview of Form 1065 and the rules for partnerships.
After completing this course, you will be able to:
- Define what a partnership is and the types of partnerships.
- State the requirements for forming, maintaining, and dissolving a partnership.
- Accurately complete Form 1065.
- Identify the rules for how income should be reported and what deductions are permitted.
