23SS-0394: Surgent's Tax Forms Boot Camp: LLCs, Partnerships, and S Corporations (Self-Study)

Valid for one year from purchase date
Self-study - Downloadable PDF
8 CPE (8 technical)  |  8 IRS CE

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: 1120-S and 1065 as building blocks for more complex concepts tax preparers should be aware of. The theoretical concepts get illustrated in comprehensive examples that incorporate the most up-to-date law changes and provisions, as they specifically apply to Forms 1065 and 1120-S. Very importantly, this course covers the concepts behind the newly enacted transactional method for partnerships, "behind-the-scenes" reconciliations and hands-on examples of presenting and reporting partners' capital accounts per these provisions.

Major subjects

• Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation
• New Schedules K-2 and K-3
• New Form 7203
• 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"

Learning objective(s)

• Learn in detail about the preparation of Form 1120-S, 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

Who should take this program?

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

Fees

Standard Member Fee	$159.00
Standard Nonmember Fee	$159.00