Event Description

The course provides a comprehensive, hands-on, pencil pushing understanding of the preparation of both S corporation and partnership/LLC tax returns, along with the underlying laws, regulations, etc. The course uses the basic concepts underlying the two main types of business returns: 1120S and 1065 as building blocks for more complex concepts tax preparers should be aware of. The theoretical concepts get illustrated in comprehensive

Designed For

All levels of staff and company controllers responsible for filing these forms

Objectives

Learn in detail about the preparation of Form 1120S, Schedules M-1, K, and K-1      Learn in detail about the preparation of Form 1065, Schedules M-1, K, and K-1      Identify and handle commonly found S corporation and partnership tax issues

Major Subjects

Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation      Reporting Requirements for Schedules K-2 and K-3      Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations      Gain a comprehensive understanding of income tax laws for S corporations from eligibility and election to tax return preparation, stock basis, and loss limitation issues      Recognize and properly handle special pass-through items of income and expense      Accurately prepare S corporation returns and reconcile book income to taxable income      Accurately prepare partnership returns and reconcile book income to taxable income      What the transactional method entails and how to report partners’ capital accounts under this method      Properly handle the tax treatment of distributions to shareholders, partners, or members      Understand the special restrictions and sanctions for tax year-end selection      Review the basics of partnership and LLC formation and basis calculation      Self-employment tax or NOT, for each entity      Filling in K-1s correctly for S corporations, partnerships, and LLCs. Major changes in K-1 reporting on both partnership and S corporation forms and content      The most frequently used forms and schedules, including some form “oddities”

Prerequisites

NONE