Advanced Technical Tax Forms Training: LLCs, S Corporations and Partnerships

Code: ATFB

Space is available, but online registration has closed. Please call 952-831-2707 to register.

Date Tuesday, November 21, 2017
Time 8:30am - 4:30pm
Central Time
Location Minnesota Society of CPAs
1650 W 82nd St Ste 600
Bloomington, MN 55431-1458
Map & directions
 
CPE credits CPE 8.0
Specialty
credits
Instructor Steven Wagner, CPA
Froehling Anderson
Fees
Standard member fee $325.00
checkmarkStandard nonmember fee $375.00

Members: Please log in to receive member fee.

Description

Now is the time for you and your staff to learn how to handle the complex tax form issues that challenge you each busy season. Gain the insights you need to solve complicated technical issues related to Forms 1065 and 1120S for S Corporations, LLCs and partnerships. Includes coverage of recent developments related to tax reform.

Who should take this program?

CPAs who are involved in planning, preparing or reviewing complex returns

Major subjects

  • How the Affordable Care Act affects tax returns
  • Unreasonable uses of the traditional and curative allocation methods
  • Multiple layers of Sec. 704(c) allocations
  • How to convert a general partnership to an LLC
  • Capital account adjustments with admission of a new member or partner
  • Sec. 704 special allocation issues -- economic effect, the "dumb-but-lucky" rule and substantiality
  • How to determine substantiality and "some help, no hurt" allocations
  • Self-employment taxable income -- new regulations?
  • Property with Sec. 754 adjusted basis subsequently contributed to another partnership or corporation
  • Partners' capital accounts and how to maintain them
  • Special allocations (allocating a taxable gain that has a book loss)
  • Final regulations on S Corporation "open debt"
  • Basis neither increased by phantom income nor reduced by nondeducted pass-through losses
  • How the IRS calculates the CPA's reasonable compensation
  • Built-in gains and excess passive investment income tax
  • Taxable distribution in excess of basis and reporting issues to shareholders
  • New regulations on capitalization of tangible assets and procedures for automatic changes in accounting method associated with the new depreciation rules
  • How Sec. 179 limitations affect basis
  • 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

Learning objective(s)

  • Complete tax forms related to advanced technical issues which arise in preparing Forms 1065 and 1120S
  • Understand advanced technical practice issues facing practitioners today

Notes:

Course code Code ATFB
Sponsor MNCPA
NASBA ID#: 139884
Level Advanced
Field(s)
of study
Taxes - Technical (8.0)
Format Group Live
Prerequisites Prereq. Basic- to intermediate-level experience in preparing Forms 1120S and 1065 recommended.
Advance
prep
None