Surgent's Technical Business Practice Issues and Tax Forms for Experienced Practitioners (ATFB)

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
• Is the “Employee vs. Independent Contractor” conundrum about to explode?
• Don't get caught watching the paint dry; what is hot and new
• Things your parents taught you
• Payroll penalties update
• What is terminating S corporations today?
• New emphasis on basis reporting
• How §179 limitations affect basis in partnerships, LLCs, and S corporations
• How much luxury automobile depreciation in the second year of service, new Rev. Proc.
• 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
• Special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality
• Social Security Issues – Recent (2019) proposals
• Special allocations (allocating a taxable gain that has a book loss)
• Review of final regulations on S corporation “open debt”
• Taxable distribution in excess of basis and reporting issues to shareholders
• 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