Forms 1120S and 1065 Return Review Boot Camp for New and Experienced Reviewers

Course Details

Date

Thursday, December 5, 2019

8:00am – 4:00pm (Registration: 7:30am)

Location

Ramkota Hotel

800 North Poplar

Casper, WY 82601

307-266-6000

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Field of Study

Taxation

CPE Credit

8 hours CPE credit

Level of Knowledge

Advanced

Vendor

Surgent & Associates, LLC

Prerequisites

Experience in preparing Forms 1120S and 1065, reviewing diagnostics, and preparing workpapers.

Description

Most review techniques developed by professionals are self-taught and
fine-tuned via experience. Yet how does one start? The purpose of this course is to give both new and seasoned reviewers additional and advanced procedures via a multitude of checklists to more thoroughly review S corporation and partnership tax returns. Its emphasis is not planning; rather, it is to develop a strategy to properly review a return effectively and thoroughly. The course includes dozens of “practice tips for new reviewers” and is updated for impacts of newly enacted legislation.

Highlights

  • Reviews of portions of error-prone “staff-prepared” Forms 1120S and 1065 from client-provided information
  • What are common errors preparers make and what are the areas generating malpractice claims?
  • Initial administrative groundwork
  • The importance of Schedule M-1
  • Don’t fall prey to reporting oddities
  • When can seemingly separately stated Schedule K items actually be trade or business items to report on Forms 1120S or 1065, page 1?
  • Form 1120S – What exactly is terminating S elections today? How do I recognize a second class of stock? Maintaining shareholder basis schedules; beware of final IRS regulations regarding “open debt”; the default method of calculating basis versus the election under §1367; can an S corporation distribute earnings and profits from C corporation years?
  • Form 1065 – Why use §704(b) to maintain capital accounts; §704(c) regulations for preventing the shifting of tax consequences among partners or members; allocating recourse, nonrecourse, and qualified nonrecourse debt; a review of §754 step-up in basis rules
  • Multiple checklists of efficient procedures to identify potential issues on an 1120S or 1065 tax return

Objectives


• Expand the process involved in reviewing applicable tax returns
• Identify the most common areas that result in errors
• Document a review, including consideration of risk management

Designed For

Senior-level staff new to the review process or experienced staff members looking to update and/or expand their review procedures.

Course Pricing

WYOCPA Member Fee

Applicable if you are a WYOCPA member in good standing.

$265.00
Non-Member Fee

Applicable if you are not a WYOCPA member.

$315.00
Late Registration Fee (will be added after November 22, 2019) $100.00
Your Price $315.00

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