Self-Study

Surgent's Forms 1120-S and 1065 Return Review Boot Camp for New and Experienced Reviewers

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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.

Major subjects

• Reviews of portions of error-prone "staff-prepared" Forms 1120-S 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. Learn how various schedules are related and learn how to self-review.
• Reporting requirements and filing exceptions 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 1120-S or 1065?.
• Form 1120-S - 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 Section 1367; can an S Corporation distribute earnings and profits from C Corporation years?.
• Form 1065 - New tax reporting requirement for partners' capital balances.
• Why use Section 704(b) to maintain capital accounts; Section 704(c) regulations for preventing the shifting of tax consequences among partners or members; allocating recourse, nonrecourse, and qualified nonrecourse debt; a review of Section 754 step-up in basis rules.
• Multiple checklists of efficient procedures to identify potential issues on an 1120-S or 1065 tax return.
• Major provisions of HR 1, One Big Beautiful Bill Act (OBBBA), relevant to course material have been included throughout.

Learning objectives

• 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.

Who should take this program?

• Senior-level staff new to the review process or experienced staff members looking to update and/or expand their review procedures.

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $199.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

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