Surgent's Advanced Technical Tax Forms Training - LLCs, S Corporations, and Partnerships (ATFB)

Course Details

Date

Friday, January 11, 2019

7:00am – 3:00pm (Registration: 6:06am)

Location

Online

Field of Study

Taxation

CPE Credit

8 hours CPE credit

Level of Knowledge

Advanced

Vendor

Surgent McCoy CPE, LLC

Prerequisites

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

Description

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.

Highlights

  • Advanced technical practice and reporting issues for all entities – Why are manhole covers round?
  • Taking initiative in difficult assignments, can you deliver the QBI message?  Full coverage of §199A qualified business income, its calculation, limitations, and examples as applied to partnerships, LLCs, and S corporations
  • 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?
  • Discuss a Proposal for a yet to be developed new tax form, which calculates S corp basis, designed to be attached to individual returns
  • Can I amend prior returns to correct an impermissible accounting method?
  • 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)
  • Pernicious precedents in payroll penalties; enforcement activities are hot
  • Final regulations for allocating depreciation recapture to partners and members of LLCs

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

Registration for this course has passed.

Course Pricing

WYOCPA Member Fee

Applicable if you are a WYOCPA member in good standing.

$239.00
Non-Member Fee

Applicable if you are not a WYOCPA member.

$239.00
Your Price $239.00

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