Course

Advanced Technical Tax Forms Training: LLCs, S Corporations & Partnerships

View All Professional Development

Event Details

Monday, November 12, 2018

8:00am – 4:00pm
(Registration: 7:30am)

Location

Fairmont Hot Springs Resort

1500 Fairmont Rd

Fairmont, MT 59711

406-797-3241

Field of Study

Taxes

CPE Credit

8 hours CPE credit

Course Code

ATFB-36

Instructor

Level of Knowledge

Advanced

Vendor

Surgent McCoy CPE LLC

Prerequisites

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

Description

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.

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-minimums 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
  • 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

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

Designed For

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

View All Professional Development