I need help with from 1065 I have never done them and this year I have 5 clients that they are partners, I know I need to do a 1065 form and k-1

[lazostaxesandmor]

I need to know how and what I need to complete a partner return from start to finish as I do not have much knowledge on this. I do appreciate any help. thank you! 

[IRonMaN · Accepted solution]

Sometimes when you don’t have the knowledge or experience in an area it is best to refer the client elsewhere.  We can’t all be experts in every area so we need to know when we are over our heads.  Getting advice on how to do a partnership can’t be done in one or two sentences here.  If you wish to still prepare the return you really need to brush up on your accounting skills as well as doing research on how a partnership works and how to to properly prepare a 1065.

[abctax55]

"....I have never done them and this year I have 5 clients that they are partners"

Your starting premise is problematic.  Consider whether it really is fair for those five partnerships to be your guinea pigs.

Farm this out or find a local mentor; you CAN'T learn this via an on-line forum.  

A good place to *start* learning for future years is TheTaxBook - they have some good "line by line" instructions for various entities.  That, plus some good CPE this summer specifically on partnerships, might get you up to speed by this time next year...

[IRonMaN]

I'm not really clear if we have 5 partnerships or 5 clients that are in a partnership. :confused:

[abctax55]

Does it matter? :smiling_imp:

[IRonMaN]

It does to lazos - do we refer out 1 client or 5 clients :smile:

[garman22]

if its 5 separate 1065's.....maybe he has a friend who can help prepare? I am lucky to have a family friend who is a CPA and he helps me out when I come across more complex areas of tax.

[Taxprohere]

Lazos, "you can't have the software prepare the return, you use the software to help you prepare the return."   Ie, you need to know the tax laws and concepts for any entity before preparing them, and a good guideline is to prepare a return type by hand to know you understand first.

[Just-Lisa-Now-]

Open a new 1065 and start at the top, work your way down.  When you get stuck or get to the end and still couldn't find what you need, ask!

[IRonMaN]

“I do not have much knowledge on this”

It isn’t that simple if you are going to do it right

[mojocpa]

Unless you get a mentor to help you I would suggest punting and letting someone who knows how to prep 1065's do it this year, then in the off season get some CPE and practice on partnership taxation. Otherwise I smell a disaster in the making. Sorry, Yote, I didn't see your  second post.

[IRonMaN]

Not a problem :+1:

[Marc-TaxMan]

Get a mentor if you want to learn; dump this if it's going to be your only 1065.  The learning curve is too hard for one 1065

[garman22]

Yeah, its what I do when I come across a 501c3 or farm <----I rarely get that one tho.......I either farm it out or I just refer it out. I dont keep up on those specific laws and its not worth my time to learn.:laughing:

[The-Tax-Lady]

You owe it to the client to give them the best service possible, even if it's not with you. Also be wary of new clients like this. Ask why they left their last tax preparer & you might discover it's not something you want to take on.

[George4Tacks]

Just to give you a beginnings of FEAR, take this course for free https://www.cpaacademy.org/archived_show/a0D4400000Wl6fqEAB  OR https://www.cpaacademy.org/archived_show/a0D4400000WnjaeEAB  OR https://www.cpaacademy.org/archived_show/a0D4400000VgOu3EAF

If you are all on your own and no resources or mentors, refer to someone that can do it right. 1065 is fraught with dangers. 

[Inform me]

Hello

I've read your post, and I have a pretty good understanding and how LLC works. I have not done so but have reviewed a few cases. My problem is getting around the proseries. Is there a webinar or video in the proseries that would walk through of which box or spyglass to push? Or perhaps, watch me process a return.  Any links or recommendations are much appreciated.

[qbteachmt]

@Inform me 

"Or perhaps, watch me process a return."

This is a peer user community; it is not Intuit Support or Intuit Customer Service. No one is going to watch you process a return. You can use Intuit's resources and the Web, to learn, though. In addition, keep using the IRS resources. The program is no better than your understanding of tax regulations, for tax return preparation accuracy.

Google this in your web browser:

intuit proseries video tutorials

[George4Tacks]

https://proconnect.intuit.com/training/proseries/