Advanced Technical Tax Forms Training -- LLCs, S Corporations, and Partnerships (ATFB)

8.00 CPE Credit Hours

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.

Objective

• 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

Highlights

• Advanced Technical Practice and Reporting Issues for all entities - Why are manhole covers round?
• Don't get caught watching the paint dry, what is hot and new
• IRS Battles against Blind Basis
• Pernicious Precedents in Payroll Penalties, enforcement activities are hot
• What is terminating S Corporations today?
• Discuss a Proposal for a yet to be developed new tax form, which calculates 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-minimus rule cohabitate?
• How 179 limitations affect basis in partnership, LLC, and S corporation
• 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 substantially
• 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
• So what is next with the Department of Labor
• Taxable distribution in excess of basis and reporting issues to shareholders
• Battling employee vs. independent contractor questions and the Voluntary Classification Settlement Program (VCSP)
• Advanced depreciation issues
• Final regulations for allocating depreciation recapture to partners and members of LLCs

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

Advanced Preparation
None

Developer
Surgent CPE, LLC

Presenters
Edward Harter, Surgent CPE, LLC

Level of Knowledge
Advanced