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22WS-1364: Surgent's Forms 1120S and 1065 Return Review Boot Camp for New and Experienced Reviewers (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Wednesday, January 18, 2023
9:00am - 5:00pm Central Time
8 CPE (8 technical)  |  8 IRS CE

Alternate dates & more options

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 1120S 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
  • 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 1120S or 1065, page 1?
  • Form 1120S -- 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 -- 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 1120S or 1065 tax return

Learning objective(s)

  • 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

Fees

Our records indicate you are a nonmember. If you register, you will be charged $279.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.
Standard Member Fee $279.00
checkmark Standard Nonmember Fee $279.00

More program information

Instructor Susan Smith, CPA
Location Online
Area
of study
Taxation
Field(s)
of study
Taxes - Technical (8.0)
Level Intermediate
Format Group Internet Based
Sponsor Surgent
NASBA ID#: 103212
Prerequisites Prereq. Experience in preparing Forms 1120S and 1065, reviewing diagnostics, and preparing workpapers
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business days before the event start date. Learn more

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If you have questions about this event, please call us at 952-831-2707.