Purpose of Assignment The purpose of this assignment is to help you understand how the federal pass-through entity tax rules you are learning translate into the preparation of a federal pass-through entity income tax return. The purpose is also to allow you to familiarize yourself with various federal pass-through entity tax forms that are filed with the IRS as well as the information that the IRS requires from pass-through entities. This assignment is also to help you understand that tax returns must be prepared professionally and that submitting tax returns on time is a key requirement of tax professionals. Requirements Using Adobe software, complete the partnership tax return (Form 1065 and related forms/schedules) for tax year 2020 using Tax Return Problem #1 found in Chapter 10 of the textbook. I highly suggest using the example 1065 found under 10-3c and 10-4 for reference while filling out your return. And remember, I will serve as the tax manager on your assignment and am happy to review your return multiple times and provide guidance while you are working on it. You do not need to complete any other attachments for line items indicating attachments are required When completing Schedule B, assume the answer to the questions is no unless the problems provides information to allow you to answer the question differently. However, each question on Schedule B should have an answer. Do not prepare this return using tax software. Doing so will result in a 0 score for the assignment. The forms you will upload and submit on the due date should be in one pdf file in the order noted below. The forms you turn in should be completed electronically and not handwritten. You will prepare this return as a group. Each group or set of partners should turn in only one return with each person's name on the return at the bottom of page 1 in the paid preparer section. No credit will be awarded for returns turned in late - NO EXCEPTIONS! Amounts should be reported to the nearest dollar (do not include zeros for cents) and lines that do not have amount should be left blank. When preparing the Schedule K-1's, provide any special information the LLC member might need, including net income from self-employment and information for the $ 199A (qualified business income) calculation. Forms You can find all necessary forms and form instructions HERE Make sure you are using the 2020 forms (or the most recent form if the form does not indicate a year on it). Download the appropriate forms and save them on your desktop first and then reopen them and complete them. If you complete them immediately after opening the form, it may not save your work. Forms to Complete and Turn In: 2020 Form 1065 (5 pages) 2020 Schedule D (page 1 only) 2020 Form 4562 (page 1 only) 2020 Form 8949 (2 pages) 2020 Schedule K-1 (2 pages) Check Figures Form 1065, page 1, line 22: $979,200 Form 1065, page 4, line 14a: $2,379,200 Form 1065, page 5, line 2b(ii): $2,336,800 Form 1065, page 5, Schedule M-1, line 5: $2,340,000 Form 1065, page 5, Schedule M-2, line 9: $640,000 Purpose of Assignment The purpose of this assignment is to help you understand how the federal pass-through entity tax rules you are learning translate into the preparation of a federal pass-through entity income tax return. The purpose is also to allow you to familiarize yourself with various federal pass-through entity tax forms that are filed with the IRS as well as the information that the IRS requires from pass-through entities. This assignment is also to help you understand that tax returns must be prepared professionally and that submitting tax returns on time is a key requirement of tax professionals. Requirements Using Adobe software, complete the partnership tax return (Form 1065 and related forms/schedules) for tax year 2020 using Tax Return Problem #1 found in Chapter 10 of the textbook. I highly suggest using the example 1065 found under 10-3c and 10-4 for reference while filling out your return. And remember, I will serve as the tax manager on your assignment and am happy to review your return multiple times and provide guidance while you are working on it. You do not need to complete any other attachments for line items indicating attachments are required When completing Schedule B, assume the answer to the questions is no unless the problems provides information to allow you to answer the question differently. However, each question on Schedule B should have an answer. Do not prepare this return using tax software. Doing so will result in a 0 score for the assignment. The forms you will upload and submit on the due date should be in one pdf file in the order noted below. The forms you turn in should be completed electronically and not handwritten. You will prepare this return as a group. Each group or set of partners should turn in only one return with each person's name on the return at the bottom of page 1 in the paid preparer section. No credit will be awarded for returns turned in late - NO EXCEPTIONS! Amounts should be reported to the nearest dollar (do not include zeros for cents) and lines that do not have amount should be left blank. When preparing the Schedule K-1's, provide any special information the LLC member might need, including net income from self-employment and information for the $ 199A (qualified business income) calculation. Forms You can find all necessary forms and form instructions HERE Make sure you are using the 2020 forms (or the most recent form if the form does not indicate a year on it). Download the appropriate forms and save them on your desktop first and then reopen them and complete them. If you complete them immediately after opening the form, it may not save your work. Forms to Complete and Turn In: 2020 Form 1065 (5 pages) 2020 Schedule D (page 1 only) 2020 Form 4562 (page 1 only) 2020 Form 8949 (2 pages) 2020 Schedule K-1 (2 pages) Check Figures Form 1065, page 1, line 22: $979,200 Form 1065, page 4, line 14a: $2,379,200 Form 1065, page 5, line 2b(ii): $2,336,800 Form 1065, page 5, Schedule M-1, line 5: $2,340,000 Form 1065, page 5, Schedule M-2, line 9: $640,000