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: https://youtube.com/playlist?list=PLTdpzKOWNutTOfHNPsuXX7bX5SK687LVI Other videos for Partnership Tax Filings: Schedule K-2 & K-3 Filing Exceptions: https://youtu.be/t7Njj4g1Zao Schedule B-1 Ownership: https://youtu.be/ukPbs0-oblo Schedule B-2: https://youtu.be/ACXBVUISwP8 Form 8825 Rentals: https://youtu.be/IjuBeFNSupk Unreimbursed Partnership Expenses: https://youtu.be/iWbc6klh9rc Recourse vs Nonrecourse Debt: https://youtu.be/4ZO_VFjbP1s Deducting Business Gifts: https://youtu.be/MX8WxeUiEx4 Foreign Owned LLC Form 1065: https://youtu.be/8GOJ12zn19E Foreign Owned LLC Partnership Pay No Tax: https://youtu.be/rb3r7FftWfc Do I Need a Form 1065 If I Lost Money: https://youtu.be/GvHacjwBzfs Am I Liable for Self-Employment Tax: https://youtu.be/qnUyy2S5S4s Conversion of DRE to Partnership: https://youtu.be/zqpwaVJvq_c 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: https://youtu.be/WiV3mLQW8gY 2. Form 1065 Pages 1 to 5: https://youtu.be/SJVCH7OKgVw 3. Schedule K-2: https://youtu.be/pofgj-okKSU 4. Schedule K-3: https://youtu.be/gDUPXzBOA_0 Tutorial 2: U.S. Partnership LLC with Foreign DRE and U.S. ECI 1. Intro & Fact Pattern: https://youtu.be/2BjHFbvJw9o 2. Form 1065 Pages 1 to 5: https://youtu.be/mwlTIdYvK68 3. Schedule K-2: https://youtu.be/rl5zpR5xljY 4. Schedule K-3: https://youtu.be/QIbXz2P2J6E Tutorial 3: U.S. Investment Fund LP with U.S. FDAP Income 1. Intro & Fact Pattern: https://youtu.be/bfa2Krn0RgA 2. Form 1065 Pages 1 to 5: https://youtu.be/361Kd84z9wE 3. Schedule K-2: https://youtu.be/rT6kdp9fAyo 4. Schedule K-3: https://youtu.be/2BQub2adjrI Jason’s Page: https://jasondknott.com/ Knott PLLC: https://www.knottpllc.com/ Need more help? Schedule a Consultation: https://jasondknott.com/Consultation ✅ TAX & ACCOUNTING TRAINING GUIDES Udemy - https://jasondknott.com/Udemy Gumroad - https://jasondknott.com/Gumroad ✅ FOLLOW JASON HERE: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you. #IRS #Form1065 #PartnershipTax ... https://www.youtube.com/watch?v=chxdB2v8L24

IRS Form 7203 was added in 2021 to adequately track an S corporation shareholders' stock and debt basis. Shareholders are only allowed to deduct losses to the extent they have basis, which is why tracking the balances on a yearly basis is so important. Jason’s Page: https://jasondknott.com/ Knott PLLC: https://www.knottpllc.com/ Need more help? Schedule a Consultation: https://jasondknott.com/Consultation ✅ TAX & ACCOUNTING TRAINING GUIDES Udemy - https://jasondknott.com/Udemy Gumroad - https://jasondknott.com/Gumroad ✅ AFFILIATE LINKS Open a Bitcoin IRA - https://jasondknott.com/BitcoinIRA Protect your Privacy with Nord VPN - https://jasondknott.com/NordVPN Open a Webull Stock Account - https://jasondknott.com/Webull DIY Legal Services with NOLO - https://jasondknott.com/NOLO File Taxes with TurboTax - https://jasondknott.com/TurboTax File Taxes with TaxSlayer - https://jasondknott.com/TaxSlayer Try Amazon Prime - https://jasondknott.com/AmazonPrime ✅ FOLLOW JASON HERE: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you. #IRS #Scorporation #Form7203 ... https://www.youtube.com/watch?v=tmzTX007FhI