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Overview

8.0 Credits
ONLINE

Most review techniques developed by professionals are self-taught and fine-tuned through experience. Yet how does one start? New and seasoned reviewers will receive additional advanced procedures via many checklists to review S corporation and partnership tax returns more thoroughly. The emphasis is not on planning but on developing a strategy to review a return effectively and thoroughly. There are dozens of practice tips for new reviewers, updated for the impacts of legislation enacted.

Objectives

  • 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 managemen

Major Topics

  • Reviews of portions of error-prone "staff-prepared" Forms 1120S and 1065 from client-provided information
  • Be aware of legislative changes
  • How to reduce input errors. When and how to rely on third-party data import software
  • What are common errors preparers make and what are the areas generating malpractice claims?
  • Initial administrative groundwork
  • The importance of Schedule M-1. Learn how various schedules are related and learn how to self-review
  • 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 §1367; can an S corporation distribute earnings and profits from C corporation years?
  • Form 1065 – New tax reporting requirement for partners' capital balances
  • Why use §704(b) to maintain capital accounts; §704(c) regulations for preventing the shifting of tax consequences among partners or members; allocating recourse, nonrecourse, and qualified nonrecourse debt; a review of §754 step-up in basis rules
  • Multiple checklists of efficient procedures to identify potential issues on an 1120S or 1065 tax return

Prerequisite

Experience in preparing Forms 1120S and 1065, reviewing diagnostics, and preparing workpapers

Sessions

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Tuesday, January 7, 2025

General Sessions
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