Surgent’s Forms 1120-S and 1065 Return Review Boot Camp for New and Experienced Reviewers (SU1309/23)
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January 17, 2024 @ 10:00 am - 6:00 pm
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.
Senior-level staff new to the review process or experienced staff members looking to update and/or expand their review procedures
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
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 Reporting requirements for Schedules K-2 and K-3 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
Experience in preparing Forms 1120-S or 1065, reviewing diagnostics, and preparing workpapers