In this video tutorial, I cover all of the steps to file a simple Form 1065 partnership tax return for the 2022 tax year. The sample company is an LLC operating a restaurant in Florida. The LLC is owned by two individuals (John & Jane), and they actively participate in the management of the LLC.

The LLC Form 1065 covers the following elements:

1. Two-member LLC taxed as a partnership for federal tax purposes.
2. Complete the full Form 1065 (Pages 1 through 5).
3. Form 1125-A for Cost of Goods Sold (COGS).
4. Schedule B-1 for greater than 50% of ownership.
5. Schedule B-2 electing out of Centralized Partnership Audit Regime.
6. Form 4562 for Bonus Depreciation.
7. Schedules K-1, K-2 & K-3.
8. Basis worksheets for Partners.
9. De minimis safe harbor elections Treas Reg. 1.263(a)-1(f).

For more Form 1065 tutorials for different businesses, see the following playlist:
   • Form 1065 (Partnership Tax) Tutorials  

Other videos for Partnership Tax Filings:
Schedule K-2 & K-3 Filing Exceptions:    • Schedule K-2 & K-3: Domestic Filing E...  
Schedule B-1 Ownership:    • Form 1065 Schedule B-1  Disclosure of...  
Schedule B-2:    • How to Elect Out of the Centralized P...  
Form 8825 Rentals:    • How to Complete IRS Form 8825 - Repor...  
Unreimbursed Partnership Expenses:    • How to Record your Unreimbursed Partn...  
Recourse vs Nonrecourse Debt:    • Recourse vs Nonrecourse Debts of an LLC  
Deducting Business Gifts:    • Can Business Gifts Be Tax Deductible?  
Foreign Owned LLC Form 1065:    • Foreign Owned Multi-Member LLC - Form...  
Foreign Owned LLC Partnership Pay No Tax:    • Foreign Owned Multi-Member LLC - Pay ...  
Do I Need a Form 1065 If I Lost Money:    • Do I Need to File a Form 1065 Partner...  
Am I Liable for Self-Employment Tax:    • Do I Pay Self-Employment Taxes on Par...  
Conversion of DRE to Partnership:    • Automatic Conversion of Single-Member...  

Schedule K-2 and K-3 Tutorials for Various Types of Partnerships
Tutorial 1: U.S. Partnership LLC with Foreign DRE & No ECI
1. Intro & Fact Pattern:    • Schedule K-2 & K-3 with Foreign Disre...  
2. Form 1065 Pages 1 to 5:    • Schedule K-2 & K-3 with Foreign Disre...  
3. Schedule K-2:    • Schedule K-2 & K-3 with Foreign Disre...  
4. Schedule K-3:    • Schedule K-2 & K-3 with Foreign Disre...  

Tutorial 2: U.S. Partnership LLC with Foreign DRE and U.S. ECI
1. Intro & Fact Pattern:    • Schedule K-2 & K-3 with US LLC, Forei...  
2. Form 1065 Pages 1 to 5:    • Schedule K-2 & K-3 with US LLC, Forei...  
3. Schedule K-2:    • Schedule K-2 & K-3 with US LLC, Forei...  
4. Schedule K-3:    • Schedule K-2 & K-3 with US LLC, Forei...  

Tutorial 3: U.S. Investment Fund LP with U.S. FDAP Income
1. Intro & Fact Pattern:    • Schedule K-2 and K-3 Investment Partn...  
2. Form 1065 Pages 1 to 5:    • Schedule K-2 and K-3 Investment Partn...  
3. Schedule K-2:    • Schedule K-2 and K-3 Investment Partn...  
4. Schedule K-3:    • Schedule K-2 and K-3 Investment Partn...  

For a larger database of tutorials, please visit our website and search for your question:
https://knottlearning.com/

DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

#IRS #Form1065 #PartnershipTax