About this episode

In this episode, Ran Chen discusses the details of filing Form 1065 for partnerships, including due dates and common exam traps.

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The due date for a calendar-year Form 1065 is March 15th, with a six-month extension available via Form 7004. - Form 1065 is an informational return; tax liability flows through to individual partners via the Schedule K-1. - Separately stated items, like capital gains and charitable contributions, are not part of ordinary business income and are reported directly to partners. - A common exam trap is to incorrectly subtract separately stated items when calculating a partnership's ordinary business income. - Under the BBA audit regime, tax deficiencies are assessed at the partnership level unless a 'push-out' election is made to pass the liability to the partners from the year under review. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel…

People in this episode

Host: Ran Chen

Topics covered

• Partnership Return Filing
• Form 1065
• Tax Liability
• Partnership Income
• Exam Preparation

Keywords

• Form 1065
• Partnership Return
• Tax Filing
• Schedule K-1
• Exam Preparation
• BBA Audit
• Tax Deficiencies

Mentioned in this episode

Organizations: Open Exam Prep, YouTube Channel

Products: Form 1065, Schedule K-1, Form 7004

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