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

  • Customer Rating
    Not Yet Rated
  • Field of Study
    Taxes
  • Level
    Advanced
  • Credits
    8
  • Qualifies for

    IRS CPE

Overview

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.

Major Topics:

  • Advanced Technical Practice Issues
  • How the Affordable Care Act affects tax returns
  • Unreasonable uses of the traditional and curative allocation methods
  • Multiple layers of §704(c) allocations
  • Converting a general partnership into an LLC
  • Capital account adjustments with admission of new member/partner
  • Special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality
  • Determining substantiality and "some help, no hurt" allocations
  • Determining self-employment taxable income, new regulations?
  • Property with §754 adjusted basis subsequently contributed to another partnership or corporation
  • Partners’ capital accounts and method of maintaining them
  • 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
  • How IRS calculates CPA's reasonable compensation
  • Built-in gains and excess passive investment income tax
  • Taxable distribution in excess of basis and reporting issues to shareholders
  • Proper handling of accrued expenses payable to a shareholder
  • Update on new regulations on capitalization of tangible assets and procedures for automatic changes in accounting method associated with the new depreciation rules
  • How §179 limitations affect partnership, LLC, and S corporation basis
  • Battling employee vs. independent contractor questions and the Voluntary Classification Settlement Program (VCSP)
  • Advanced depreciation issues
  • Payroll tax penalty charged to outside accountants
  • Final regulations for allocating depreciation recapture to partners and members of LLCs

Learning 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.

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

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