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

Course Details

Date

Friday, January 12, 2018

7:00am – 3:00pm (Registration: 6:04pm)

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

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 Issues
  • How the Affordable Care Act affects tax returns
  • Unreasonable uses of the traditional and curative allocation methods
  • Multiple layers of §704(c) allocations
  • Converting a general partnership into an LLC
  • Capital account adjustments with admission of new member/partner
  • Special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality
  • Determining substantiality and "some help, no hurt" allocations
  • Determining self-employment taxable income, new regulations?
  • Property with §754 adjusted basis subsequently contributed to another partnership or corporation
  • Partners’ capital accounts and method of maintaining them
  • 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
  • How IRS calculates CPA's reasonable compensation
  • Built-in gains and excess passive investment income tax
  • Taxable distribution in excess of basis and reporting issues to shareholders
  • Proper handling of accrued expenses payable to a shareholder
  • Update on new regulations on capitalization of tangible assets and procedures for automatic changes in accounting method associated with the new depreciation rules
  • How §179 limitations affect partnership, LLC, and S corporation basis
  • Battling employee vs. independent contractor questions and the Voluntary Classification Settlement Program (VCSP)
  • Advanced depreciation issues
  • Payroll tax penalty charged to outside accountants
  • 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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