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

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