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
- Understand advanced technical practice issues facing practitioners today
HIGHLIGHTS
- Advanced technical practice and reporting issues for all entities
- Is the “Employee vs. Independent Contractor” conundrum about to explode?
- Don't get caught watching the paint dry; what is hot and new
- Things your parents taught you
- Payroll penalties update
- What is terminating S corporations today?
- New emphasis on basis reporting
- How §179 limitations affect basis in partnerships, LLCs, and S corporations
- How much luxury automobile depreciation in the second year of service, new rev. proc.
- 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
- Special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality
- Social Security issues – recent (2019) proposals
- Special allocations (allocating a taxable gain that has a book loss)
- Review of final regulations on S corporation “open debt”
- Taxable distribution in excess of basis and reporting issues to shareholders
- 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. To access the materials visit
My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.