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

  • Format In-Firm Training
  • Credits 8
  • Level Advanced
  • Field of Study Taxes (8)

To Schedule In-Firm Training, please contact us:


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.

Major Topics

  • 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

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.

Who should take this course:

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


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








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