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.
CPAs who are involved in planning, preparing, or reviewing complex returns.
- 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
- 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
Basic- to intermediate-level experience in preparing Forms 1120S and 1065
Surgent CPE, LLC
Edward Harter, Surgent CPE, LLC
Level of Knowledge
Delta Hotels By Marriott South Sioux Riverfront
E 4th and B Streets
S Sioux City, NE 68776
* If postmarked after 10/10/2018