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

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Overview

8.0 Credits
ONLINE

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.

Objectives

  • 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.

Major Topics

  • 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?
  • A proposed 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
  • 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

Designed For

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

Prerequisite

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

Advanced Preparation

None