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.
Objectives: * 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.
Major Subjects: * Advanced Technical Practice Issues * How the Affordable Care Act affects tax returns * Unreasonable uses of the traditional and curative allocation methods * Multiple layers of §704(c) allocations * Converting a general partnership into an LLC * Capital account adjustments with admission of new member/partner * Special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality * Determining substantiality and "some help, no hurt" allocations * Determining self-employment taxable income, new regulations? * Property with §754 adjusted basis subsequently contributed to another partnership or corporation * Partners’ capital accounts and method of maintaining them * 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 * How IRS calculates CPA's reasonable compensation * Built-in gains and excess passive investment income tax * Taxable distribution in excess of basis and reporting issues to shareholders * Proper handling of accrued expenses payable to a shareholder * Update on new regulations on capitalization of tangible assets and procedures for automatic changes in accounting method associated with the new depreciation rules * How §179 limitations affect partnership, LLC, and S corporation basis * Battling employee vs. independent contractor questions and the Voluntary Classification Settlement Program (VCSP) * Advanced depreciation issues * Payroll tax penalty charged to outside accountants * Final regulations for allocating depreciation recapture to partners and members of LLCs
Designed for: CPAs who are involved in planning, preparing, or reviewing complex returns
Prerequisite: Basic- to intermediate-level experience in preparing Forms 1120S and 1065
Advanced Prep: None
Speaker: Dennis Benvie, MS, CPA
Vendor: Surgent McCoy
Field of Study: Taxes (8)
CPE Credit: 8 Hours
Registration Fees: $219.00