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Surgent’s Forms 1120S and 1065 Return Review Boot Camp for New and Experienced Reviewers (SU1338/22)

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Surgent’s Forms 1120S and 1065 Return Review Boot Camp for New and Experienced Reviewers (SU1338/22)

Member Price $279
Non-Member Price $309
If you are a member, please login to activate member pricing.

October 31, 2022 @ 9:00 am

Event Description

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.

Designed For

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

Major Subjects

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 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 1120S and 1065, reviewing diagnostics, and preparing workpapers




October 31, 2022
9:00 am


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