Surgent's Advanced Technical Tax Forms Training: LLCs, S Corporations and Partnerships (Webinar)

Code: WSATFB07

Date Tuesday, January 21, 2020
Time 8:00 AM - 4:00 PM
Central Time
Location Online
CPE credits CPE 8.0
Specialty
credits
8.0 IRS CE approved
Field(s)
of study
Taxes - Technical (8.0)
Instructor Dennis Benvie, MS, CPA
Surgent
Fees
Standard member fee $239.00
checkmarkStandard nonmember fee $239.00

Members: Please log in to receive member fee.

Description

Don't let the title frighten you. It is critical that staff be trained on the increasingly complex forms-related issues that challenge them each busy season. This course will help experienced staff avoid costly mistakes by addressing advanced preparation issues when dealing with flow-through entities such as S Corporations, LLCs, and partnerships.

Who should take this program?

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

Major subjects

  • Advanced technical practice and reporting issues for all entities -- Why are manhole covers round?
  • Taking initiative in difficult assignments, can you deliver the QBI message? Full coverage of Section 199A qualified business income, its calculation, limitations, and examples as applied to partnerships, LLCs, and S Corporations
  • How much has the cost of operating as a C Corporation gone down?
  • What's next at DOL, coupled with the grammar police
  • IRS battles against blind basis
  • What is terminating S Corporations today?
  • A proposed new tax form for S Corp basis, designed to be attached to individual returns
  • Can I amend prior returns to correct an impermissible accounting method?
  • Depreciation schedules are becoming shorter due to tax-friendly safe harbors
  • How Section 179 limitations affect basis in partnership, LLC, and S Corporations
  • When to use "704(b) basis" for capital accounts versus "tax basis"
  • Detailed rules of Section 704 for preventing the shifting of tax consequences among partners or members
  • Unreasonable uses of the traditional and curative allocation methods
  • Capital account adjustments with admission of new member/partner
  • Special allocation issues of Section 704, including economic effect, the "dumb-but-lucky" rule, and substantiality
  • Social Security Issues -- CBO's proposals geared for commencement in the next decade
  • Special allocations (allocating a taxable gain that has a book loss)
  • Review of final regulations on S Corporation "open debt"
  • Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
  • Taxable distribution in excess of basis and reporting issues to shareholders
  • Battling employee vs. independent contractor questions and the Voluntary Classification Settlement Program (VCSP)
  • Pernicious precedents in payroll penalties; enforcement activities are hot
  • Final regulations for allocating depreciation recapture to partners and members of LLCs

Learning objective(s)

  • Properly complete several tax forms related to certain advanced technical issues which arise in preparing Forms 1065 and 1120S
  • Understand advanced technical practice issues facing practitioners today.

Notes:

Course code Code WSATFB07
Sponsor Surgent
NASBA ID#: 103212
Level Advanced
Format Group Internet Based
Prerequisites Prereq. Basic- to intermediate-level experience in preparing Forms 1120S and 1065
Advance
prep
None