Tax Prep by Deb Posted January 21, 2009 Report Share Posted January 21, 2009 I have tried to stay away from preparing any type of corporate or partnership returns because of lack of experience. I was wondering if anyone could recommend any book or publication that would be helpful in understanding the in's and out's of preparing these types of returns? I do have some accounting experience, but would appreciate help especially in preparing the schedule's dealing with balance sheets. If anyone has suggestions would you please share these with me? I've turned work down because of this, however with the economy the way it is I hate to send anyone away. Thanks, Deb! Quote Link to comment Share on other sites More sharing options...
mcb39 Posted January 21, 2009 Report Share Posted January 21, 2009 Deb....look at page 2, Question 5 of the 1065 for Partnerships. In some cases, balance sheets are not required, although it is really better and nicer to do them. If they have a filled out 1065 from the prior year, it is pretty easy to follow along. Pub 541 has the best directions that I know of outside of the directions that come with the 1065. I don't do Corps any more because I just don't have the time and with the influx of LLC's; there are more Partnerships than ever. I actually like doing those. Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted January 21, 2009 Author Report Share Posted January 21, 2009 Yes, I have studies that publication extensively. I do have one client that I prepare a 1065 for and everything is small enough that I don't do the balance sheet, but I would like to feel comfortable in preparing more extensive partnerships. I have likewise done a very small corporation return whereby the CPA who prepared it likewise did not do the balance sheet, so I followed his pattern and feel O.K. with that one as well. But again I would like to feel good about doing one that is more detailed, but would prefer learning before doing! Deb! Quote Link to comment Share on other sites More sharing options...
mcb39 Posted January 21, 2009 Report Share Posted January 21, 2009 I truly believe that the best way to learn is "hands on" and help from this board. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted January 23, 2009 Report Share Posted January 23, 2009 Your local community college might offer a course. Block has had excellent courses and texts, but have restrictions on students now. Taking a Schedule C that you're already familiar with and following it to an LLC/Partnership would be a good step. Completing the balance sheet -- even if you have difficulties and decide not to print/include it -- is also a good learning experience. I actually think C Corporations are easiest, because they don't have as much of an issue with funds going in and out of the company except as payroll. Then S Corporations. And, Partnerships seem to have a lot of distributions that only come to light after you ask a lot of questions! Quote Link to comment Share on other sites More sharing options...
imjulier Posted January 23, 2009 Report Share Posted January 23, 2009 I too agree with the learn by doing principle but have found that to really serve my clients, I need to know accounting. No doing it "part-way" by passing up the schedules you don't understand. Many of my clients do their own quickbooks but I then adjust for the things that non-accountants don't understand. Think depreciation, interest expense, and outstanding liabilities just to name a few. Without doing the balance sheet, no one could ever support that the tax return is right because there's no balanced set of books. If no quickbooks, then do the accounting by hand or in an excel sheet which is easy if you do know accounting. I was taught to do the accounting (bookkeeping) first and then the tax return is easy....because its based off this. And after 8 years I agree with that approach. Just my 2 cents. Julie R Quote Link to comment Share on other sites More sharing options...
pcmcpa Posted January 24, 2009 Report Share Posted January 24, 2009 You might want to try CCH's course for Form 1065 (I'm currently doing this course), NATP may have an online course, This one I think is the one I used (its been updated a lot since then!) when I needed to do my first return for an LLC http://www.accountantsed.com/orstore/showi...;productID=PT12 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted January 24, 2009 Report Share Posted January 24, 2009 And, maybe just an accounting course at your local community college -- one on balance sheets -- would fill in the blanks for you as you get started. Even Accounting for Dummies is a good reference for a non-accountant who rarely works with balance sheets. Two more I have on my bookshelves are Day-To-Day Business Accounting and Step-By-Step Bookkeeping. I have the CCH book 1120S Express Answers and have seen the one on partnerships; they're great, too. Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted January 24, 2009 Author Report Share Posted January 24, 2009 Thanks to All who responded! I agree hands on is the best teacher, I would just like to know a little bit more before I under take the task. I like to come across to my clients that I do know what I'm talking about. I will look at the reference books you sighted and I have considered a course at our community college. Thanks again for your thoughts! Deb! Quote Link to comment Share on other sites More sharing options...
tmike Posted January 25, 2009 Report Share Posted January 25, 2009 Thanks to All who responded! I agree hands on is the best teacher, I would just like to know a little bit more before I under take the task. I like to come across to my clients that I do know what I'm talking about. I will look at the reference books you sighted and I have considered a course at our community college. Thanks again for your thoughts! Deb! Quickfinder offers an accounting book that is very helpful if you have some basic knowledge of accounting Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted January 25, 2009 Report Share Posted January 25, 2009 A free accounting e-book. http://www.principlesofaccounting.com/chapters.htm taxbilly Quote Link to comment Share on other sites More sharing options...
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