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

  • Format Live Seminar
  • Credits 8
  • Level Advanced
  • Field of Study Taxes (8)

To register for a live seminar, visit the sponsoring state society’s website.

See Locations for this Course

Overview

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

  • 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

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

None

Yes

No

No

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