Now in its 19th year and written and reviewed by experienced practitioners, PPC’s 1065 Deskbook explains the partnership reporting rules in plain English to ensure the consistent, accurate, and efficient preparation of your client’s tax returns.

The Quick Reference Binder cuts your preparation time with over 150 tables, worksheets, election statements, and other practice aids including an all-new client organizer. Proper preparation is more important than ever—in reviewing the IRS’s 2006 enforcement results, Commissioner Mark Everson noted that partnership audits had increased 15% to their highest level since 1998.

Following are some of the updates included with the 2008 edition:

• Updated throughout for important business tax changes made by the 2008 Extenders Act, including tax credit extensions, enhanced charitable contribution deductions, bonus deprecation and Section 179 deduction for disaster areas, and new write-off for disaster-related demolition, cleanup and repair expenses.
• Discusses the 2008 Economic Stimulus Act’s enhancement of the Section 179 deduction for tax years beginning in 2008, and the 50% bonus depreciation deduction for qualifying assets placed in service during calendar year 2008.
• Explains the Section 179 trap for fiscal-year partnerships, which can cause a calendar year partner to lose part or all of the increased deduction amount.
• Addresses the latest guidance for reporting qualified joint ventures that are owned and operated by spouses as co-owners.
• Incorporates regulations revising the rules for deducting start-up costs under IRC Sec. 195 and organizational expenses under IRC Sec. 709.
• Includes new filled-in Schedule K-1s illustrating the proper reporting of various LLC income and deduction items.
• Updated coverage of the return preparer penalties, including replacement of the “more likely than not” by the substantial authority standard by the 2008 Extenders Act, and interim guidance and regulations issued by the IRS during 2008.
• Explains the new five-month automatic filing extension period for Form 1065 filers, along with the available transitional relief.
• Includes new/revised due diligence, long-form, and short-form return preparation checklists; new checklists for preparing initial and final tax returns; a new Form 1065 organizer with transmittal letter; and a revised tax return preparation engagement letter.

For information on UltraTax CS software or to view a demo of the integration with PPC’s 1065 Deskbook, visit http://cs.thomson.com/tax/quicklook.aspx and click on the PPC Deskbooks link.

PPC’s Tax Practice Aids™ in Word and Excel
Introducing the next generation of tax efficiency tools! Get all of the editable practice aids in PPC’s 1065 Deskbook (including engagement letters, checklists, worksheets, elections (with requirements explained), and other practice management resources delivered in convenient Microsoft Word and Excel templates--and save hours of preparation and review time!

• No need to retype practice aids into MS Word.
• Easy to edit and customize.
• Built-in functionality and features to reduce preparation and review time.
• Electronic format facilitates less-paper workflows making it easy to access client data.
• Easily link to PPC’s 1065 Deskbook for additional targeted expert guidance.
• MS Word and Excel platform eliminates learning curve and staff training costs.
• Pick and choose the templates you need or use them all--with or without the related PPC Deskbook. It’s up to you!

PPC’s Tax Practice Aids™ in Word and Excel are a separate purchase and are not included with subscriptions to PPC’s 1065 Deskbook. For descriptions of all available tax practice aid templates, or to view a Quick Tour, visit http://ppc.thomson.com/epatax.

For Sales, call 800.323.8724, option 1.