How to File Form 1065 for 2022 - Restaurant Example

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...
Other videos for Partnership Tax Filings:
Schedule K-2 & K-3 Filing Exceptions: • Schedule K-2 & K-3: Do...
Schedule B-1 Ownership: • Form 1065 Schedule B-1...
Schedule B-2: • How to Elect Out of th...
Form 8825 Rentals: • How to Complete IRS Fo...
Unreimbursed Partnership Expenses: • How to Record your Unr...
Recourse vs Nonrecourse Debt: • Recourse vs Nonrecours...
Deducting Business Gifts: • Can Business Gifts Be ...
Foreign Owned LLC Form 1065: • Foreign Owned Multi-Me...
Foreign Owned LLC Partnership Pay No Tax: • Foreign Owned Multi-Me...
Do I Need a Form 1065 If I Lost Money: • Do I Need to File a Fo...
Am I Liable for Self-Employment Tax: • Do I Pay Self-Employme...
Conversion of DRE to Partnership: • Automatic Conversion o...
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 wit...
2. Form 1065 Pages 1 to 5: • Schedule K-2 & K-3 wit...
3. Schedule K-2: • Schedule K-2 & K-3 wit...
4. Schedule K-3: • Schedule K-2 & K-3 wit...
Tutorial 2: U.S. Partnership LLC with Foreign DRE and U.S. ECI
1. Intro & Fact Pattern: • Schedule K-2 & K-3 wit...
2. Form 1065 Pages 1 to 5: • Schedule K-2 & K-3 wit...
3. Schedule K-2: • Schedule K-2 & K-3 wit...
4. Schedule K-3: • Schedule K-2 & K-3 wit...
Tutorial 3: U.S. Investment Fund LP with U.S. FDAP Income
1. Intro & Fact Pattern: • Schedule K-2 and K-3 I...
2. Form 1065 Pages 1 to 5: • Schedule K-2 and K-3 I...
3. Schedule K-2: • Schedule K-2 and K-3 I...
4. Schedule K-3: • Schedule K-2 and K-3 I...
For a larger database of tutorials, please visit our website and search for your question:
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

[@vuppal2000]

Amazing video. Thank you for explaining 1065 in detail.

[@therewillbeguitar8078]

Love your channel man. I’m currently in my first tax internship, and despite being very proficient in financial accounting, tax definitely posed some new challenges. I’ll be watching a lot of your videos for sure! I love how you throw in little details that encompass more of what you need to know in order to prepare the return correctly, such as the safe harbor, section 179, M-1 and M-2 adjustments, etc. It’s good to have somebody actually slow down and explain what they are!

[@JasonDKnott]

Glad to hear they are helpful. Best of luck with that first tax internship!

[@abdulbaseer162]

Jason I love the way you explained the concepts of 1065

[@funstate9881]

Doing a Great job !!!! This Video is Very helpful for me. I am an EA Student ... Watching from INDIA

[@LA2JERSEY]

Thank you so much! Can you please teach a class about from LLC single member to multi members 1065 and S Corp? How do we allocate the income and liability when entities restructured in the middle of the year? Thank you thank you!

[@lisakuykendall8793]

Thank you for making these videos!

[@JasonDKnott]

Glad you like them!

[@BrigitteBrodski]

very helpful!

[@ballakoroma2113]

Appreciate your work. Thanks a lot!!!

[@JasonDKnott]

You're welcome!

[@jimkincaidz]

Thank you! Very helpful

[@JasonDKnott]

Glad it was helpful!

[@user-mt8sf5pm5l]

I have a doubt Jason, In Schedule M-2, Line 3 Net Income (Loss) you should enter the Net income (Loss) as per Tax Return which is nothing but Schedule M-1 Line 9($36,611) but, you entered the Net Income (Loss) as per Books which is Schedule M-1, Line 1($12,209). Please clarify 😃

[@e.g9506]

Great job ... Thank you so much for your time. I have a question, let's say Resturant total sales record include . where to enter & in 1065 ?

[@user-bt3ul6tb9h]

Your videos are very helpful. I am confused about where to report deductions for operating costs (office supplies, postage, etc.). On what form should that information be reported?

[@ZhiYin]

Thanks very much! My two cents: the distribution numbers you choose (see 29:13) implies that John and Jane had to took distributions in 75:25 because their ownership is 75:25. That's misleading because each partner can choose to get any arbitrary amount of distribution as long as their own capital account balance allows, and the company's financial situation allows. In next year's video, you may want to let John take out 4k and Jane take out 3.5k, just to show it's arbitrary.

[@racecitycarbraga9350]

🙏🙏🙏👍

[@RaulGonzalezG]

Jason, thanks for your videos. They help a lot. One question please: I’m trying to e-file Form 1065 using TaxAct but they don’t have Schedules K-2 and K-3 yet and they don’t know when they will have them available. Do you know of other providers similar to TaxAct where Form 1065 is complete with all the schedules and could be e-filed to IRS? Thanks for your help.

[@AlexanderHiller]

Hello Jason, thank you very much for your videos!!! Do you offer private consultations?

[@masik4451]

Can you please assist about Partnership Private Equity

[@anilkushwah961]

I have learn from your channel

[@JasonDKnott]

Glad the videos are helpful. Thanks for watching!

[@nicolemusayeva3054]

Hello, my question is after fill out 1065 form how i can submit to IRS?