Self-Study

Surgent's Tax Forms Boot Camp: LLCs, Partnerships and S Corporations

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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 are illustrated in comprehensive examples that incorporate the most up-to-date law changes and provisions.

Major subjects

• Updates related to HR 1, One Big Beautiful Bill Act - incorporated throughout the material.
• The tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S Corporation.
• Reporting requirements and filing exceptions for Schedules K-2 and K-3.
• Form 7203, "S Corporation Shareholder Stock and Debt Basis Limitations."
• Income tax laws for S Corporations ranging from eligibility and election to tax return preparation, stock basis, and loss limitation issues.
• Recognizing and handling special pass-through items of income and expense.
• Preparing S Corporation returns and reconciling book income to taxable income.
• Preparing partnership returns and reconciling book income to taxable income.
• What the transactional method entails and how to report partners' capital accounts under this method.
• Properly handling the tax treatment of distributions to shareholders, partners, or members.
• The special restrictions and sanctions for tax year-end selection.
• 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 objectives

• 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.

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $159.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

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