This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

- The due date for a calendar-year Form 1065 is March 15th, with a six-month extension available via Form 7004.

- Form 1065 is an informational return; tax liability flows through to individual partners via the Schedule K-1.

- Separately stated items, like capital gains and charitable contributions, are not part of ordinary business income and are reported directly to partners.

- A common exam trap is to incorrectly subtract separately stated items when calculating a partnership's ordinary business income.

- Under the BBA audit regime, tax deficiencies are assessed at the partnership level unless a 'push-out' election is made to pass the liability to the partners from the year under review.

For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep