7 Deadly Partnership Filing Mistakes (Costing You THOUSANDS) скачать в хорошем качестве

7 Deadly Partnership Filing Mistakes (Costing You THOUSANDS)

Get Your FREE Tax Savings Checkup at MyOnlineTaxGuy.com Are you making these critical mistakes on your Partnership (Form 1065) tax return? From massive late filing penalties to missing out on the Section 754 election, we cover the top 7 errors that could cost your business thousands. Avoid the Late Filing Trap: Learn how the penalty is calculated at $245 per partner, per month, and why the March 15th deadline is non-negotiable. Master Capital Accounts: Understand why you must report capital accounts on a Tax Basis (Item L, Schedule K-1) rather than Book Basis or Fair Market Value. Don't Miss the Step-Up: We explain the Section 754 election and how failing to make it when a partner dies or sells their interest can lead to significantly higher taxes later. The Foreign Activity Myth: Discover why you might still need to file Schedules K-2 and K-3 even if your partnership doesn't have active foreign operations. LEGAL DISCLAIMER: This video is for educational and entertainment purposes only. It does not constitute legal, accounting, or tax advice. Tax laws change frequently and vary by jurisdiction. Viewing this video does not create a client-professional relationship. Always consult with a qualified Tax Professional regarding your specific situation before making financial decisions. Get Your Free Tax Savings Checkup at MyOnlineTaxGuy.com