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.
- Tax reform update
- Advanced technical practice and reporting issues for all entities
- 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?
- Discussing a proposal for a yet-to-be-developed new tax form, which calculates S corp basis, designed to be attached to individual returns
- Depreciation Schedules are becoming shorter due to tax friendly safe harbors
- Can §179 and the de minimis 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
- 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.
CPAs who are involved in planning, preparing, or reviewing complex returns
Basic- to intermediate-level experience in preparing Forms 1120S and 1065