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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 and Reporting Issues for all entities
  • Crowdfunding - Social Media weds Corporate Finance
  • Overview of the new Fair Labor Standards Rules, what changes, what does not change, step-by-step checklist for analyzing/revising employee classifications, plus five actions to avoid! 
  • Multiple layers of §704(c) allocations
  • Converting a general partnership into an LLC 
  • Special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality, including "some help, no hurt" allocation restrictions
  • Determining self-employment taxable income, new regulations on the way?
  • Partners’ capital accounts and method of maintaining them
  • Special allocations - what is required?
  • 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
  • An S Corporation can pay tax? Yes.
  • Advanced depreciation and sale of business property issues
  • 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 partnerships, LLCs, and S corporations
  • Employee vs. independent contractor and Voluntary Classification Settlement (VCSP)
  • 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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