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Overview

8.0 Credits
ONLINE

Receive a comprehensive, hands-on, pencil-pushing understanding of preparing S corporation and partnership/LLC tax returns, along with the underlying laws, regulations, etc. The basic concepts underlying the two main types of business returns, 1120S and 1065, are building blocks for the more complex concepts tax preparers should know. The theoretical concepts are illustrated in comprehensive examples that incorporate the most up-to-date law changes and provisions, including those of the CARES Act, Tax Relief Act, and ARPA, as they apply to Forms 1065 and 1120S.

Objectives

  • Learn in detail about the preparation of Form 1120S, 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

Major Topics

  • Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation
  • Gain a comprehensive understanding of income tax laws for S corporations from eligibility and election, to tax return preparation, stock basis, and loss limitation issues
  • Recognize and properly handle special pass-through items of income and expense
  • Accurately prepare S corporation returns and reconcile book income to taxable income
  • Accurately prepare partnership returns and reconcile book income to taxable income
  • What the transactional method entails and how to report partners' capital accounts under this method
  • Properly handle the tax treatment of distributions to shareholders, partners, or members
  • Understand the special restrictions and sanctions for tax year-end selection
  • Review 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"

Sessions

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Monday, December 2, 2024

General Sessions
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