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Date / Time / Location

Thursday, November 7, 2019
9:00 AM - 5:00 PM

Webcast

CPE Credits

  • 8.00 CPE Credits in TX

Pricing

  • $239.00 - Member
  • $239.00 - Non Member

Course Developer

Don’t let the title frighten you. It is critical that staff be trained on the increasingly complex forms-related issues that challenge them each busy season. This course will help experienced staff avoid costly mistakes by addressing advanced preparation issues when dealing with flow-through entities such as S corporations, LLCs, and partnerships.

Designed For

CPAs who are involved in planning, preparing or reviewing complex returns.

Benefits

Properly complete several tax forms related to certain advanced technical issues which arise in preparing Forms 1065 and 1120S.

Highlights

  • Advanced technical practice and reporting issues for all entities – Why are manhole covers round?
  • Taking initiative in difficult assignments, can you deliver the QBI message? Full coverage of §199A qualified business income, its calculation, limitations, and examples as applied to partnerships, LLCs, and S corporations
  • How much has the cost of operating as a C Corporation gone down?
  • What’s next at DOL, coupled with the grammar police
  • IRS battles against blind basis
  • What is terminating S corporations today?
  • Discuss a proposal for new tax form for S corp basis, designed to be attached to individual returns
  • Can I amend prior returns to correct an impermissible accounting method?
  • Depreciation Schedules are becoming shorter due to tax friendly safe-harbors
  • Can §179 and the de-minimis rule cohabitate?
  • How §179 limitations affect basis in partnership, LLC, and S corporations
  • When to use “704(b) basis” for capital accounts versus “tax basis”
  • Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
  • Unreasonable uses of the traditional and curative allocation methods
  • Capital account adjustments with admission of new member/partner
  • Special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality
  • Social Security Issues - CBO’s proposals geared for commencement in the next decade
  • Special allocations (allocating a taxable gain that has a book loss)
  • Review of final regulations on S corporation “open debt”
  • Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
  • Taxable distribution in excess of basis and reporting issues to shareholders
  • Battling employee vs. independent contractor questions and the Voluntary Classification Settlement Program (VCSP)
  • Pernicious precedents in payroll penalties; enforcement activities are hot
  • Final regulations for allocating depreciation recapture to partners and members of LLCs

Course Level

Advanced

Prerequisites

Basic to intermediate level experience in preparing Forms 1120S and 1065.

Advance Preparation

None

Additional Notes

  • This seminar qualifies for IRS credit.
Course materials are distributed electronically and we’ve passed the savings along to you - registrants save $20 on all 8-hour seminar pricing. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.
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Dennis Benvie

Dennis P. Benvie, CPA, MS
Tyirin, Benvie & Co., CPAs

Dennis P. Benvie is a managing member of Surgent McCoy CPE, LLC. In addition to instructing continuing professional education seminars for 27 years, he also writes, edits, and/or updates many Surgent McCoy publications. He consistently receives high evaluations for knowledge and presentation skills, and has been recognized as The Outstanding Discussion Leader of the Year, awarded by the state of Indiana. Prior to becoming a member partner of Surgent McCoy CPE, LLC, Dennis spent 15 years as a partner with a local Cincinnati CPA firm. He has 30+ years of public accounting experience specializing in tax, accounting, and management advisory for closely held businesses and individuals. His background also includes association with a tax attorney's office and instructing accounting classes as adjunct accounting faculty of local state universities. Mr. Benvie is a graduate of Miami (Ohio) University, degree in Accountancy, and has also earned a Masters of Science in Taxation degree from the University of Cincinnati.

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Pre-Registration Closed

Online pre-registration for this event is now closed.