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Form 1065 CPA comments on the IRS Form 1065 instructions

Partnerships are great for creating the value of each Partner but can give a Form 1065 CPA headaches. Need a free consult with a Form 1065 CPA? Call (910) 399-2705.

Form 1065 CPAs run into a vast array of issues with Partnerships. Every two years I buy a Master’s level tax course book. I read . . . → Read More: Form 1065 CPA comments on the IRS Form 1065 instructions

Form 982 CPA discusses Cancelled Debt with Partnerships | Form 1065 instructions | Form 1065 U.S. Return of Partnership Income

Partnerships receive Form 1099-C(s) too. If you have a problem with the Form 1065 instructions, or don’t have local CPA well versed in Partnership cancelled debt, consider calling me for a free consult. (910) 399-2705.

Partnerships incur cancelled debt: Form 1099-C, Cancellation of Debt, isn’t just for individuals. Dealing with cancelled debt on Form . . . → Read More: Form 982 CPA discusses Cancelled Debt with Partnerships | Form 1065 instructions | Form 1065 U.S. Return of Partnership Income

Form 1065 CPA discusses IRS Form 8283 for Partnerships | 2012

Gary Bode CPA: I believe in documenting every aspect of Form 8283. For a free initial phone consult, please call 399-2705.

Form 1065 CPAs use Form 8283, Non-cash Charitable Contributions, when the Partnerships donates non-cash charitable items. Examples of such items include:

Conservation Easements; abuse of these gifts by developers, led to a $500 . . . → Read More: Form 1065 CPA discusses IRS Form 8283 for Partnerships | 2012

IRS Form 1065 CPA explains Partnership Distributions: a Form 1065 tax preparation example

Gary Bode, CPA: Property distributions to Partners can produce unintended IRS Form 1065 tax consequences. (910) 399-2705.

Form 1065 CPAs urge proactive planning of property distributions to Partners. Why? To avoid unintended tax consequences. Hi, I’m Gary Bode, a Form 1065 CPA with a virtual office to serve your Partnership wherever it is.

“Restructuring . . . → Read More: IRS Form 1065 CPA explains Partnership Distributions: a Form 1065 tax preparation example

Form 8825 CPA discusses LLC Advantages for Rental Property

Gary Bode, CPA: 2013 has unique tax postioning opportunities for rental property owners. (910) 399-2705.

Form 8825 CPAs know that “nearly 50%” (per the IRS) of Partnership tax returns (Form 1065), including LLCs, deal with real estate. So what advantages does a LLC offer for rental property owners.

Flexibility for LLC Members

In my . . . → Read More: Form 8825 CPA discusses LLC Advantages for Rental Property

Form 1065 CPA warns of increased Tax Audit Rates for Partnership tax return | Form 1065 tax audit

Gary Bode CPA: Partnerships should take any IRS tax audit of Form 1065 seriously. (910) 399-2705

The IRS says it will increase the tax audit rates of Form 1065 for “several” years, starting in 2012. The IRS audited 13,770 Partnerships, out of the 3.4 Million Form 1065(s) filed last year. But the “no change” . . . → Read More: Form 1065 CPA warns of increased Tax Audit Rates for Partnership tax return | Form 1065 tax audit

IRS Business Audit CPA offers insights on handling a Business tax audit of Form 1120-S and Form 1065

Gary Bode, CPA: IRS business tax audits are serious, despite the figures quoted here. For a free initial phone consult please call (910) 399-2705.

First some good news for S Corporations; from a Treasury Report, as seen in Accounting Today. It confirms the CPA chatter over the last few years. The IRS closes a . . . → Read More: IRS Business Audit CPA offers insights on handling a Business tax audit of Form 1120-S and Form 1065

LLC CPA gives an example of Partnership Distributions | Form 1065

LLCs can elect how they’re taxed. In this post, the LLC chooses to be taxed as a Partnership and files Form 1065 with the IRS. The following example illustrates a common trap for LLC Members; the IRS treats a reduction in a Member’s share of LLC debt as a cash distribution.

The following example is . . . → Read More: LLC CPA gives an example of Partnership Distributions | Form 1065

LLC CPA discusses Disguised Sales in Partnerships | Form 1065

In a Partnership LLC, Members pool their assets to increase profit. The IRS encourages this. So, a member doesn’t generally have gain or loss when contributing an asset to the LLC. Conversely, LLC distributions to a Member usually have no immediate tax consequences either. Why? Distributions generally return the partner’s capital or guaranteed payments. Note . . . → Read More: LLC CPA discusses Disguised Sales in Partnerships | Form 1065

LLC CPA discusses Partnership Mergers | Form 1065

Gary Bode, CPA: structure your LLC merger correctly and it's non-taxable. (910) 399-2705.

Two types of Partnership mergers exist, nicknamed “assets over” and “assets up.” The IRS default is the assets over type, so I’ll define that here with a simple example. I think most LLC CPAs deal with this issue.

Assets Over type . . . → Read More: LLC CPA discusses Partnership Mergers | Form 1065