Tax Forms Boot Camp: LLCs, Partnerships and S Corporations

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TFBC-DM  |  In Person Training  |  Basic  |  Scheduled

Special Notes

  • This program has been approved for 8 hours of IRS CE credit for Enrolled Agents (EA) and Other Tax Return Preparers (OTRP) with PTIN numbers.

Description

Staff training for your tax return preparers

Curriculum

  • Taxation

Designed For

All levels of staff and company controllers responsible for filing these forms.

Objectives

The course provides a comprehensive understanding of the preparation of both S corporation and partnership/LLC tax returns, along with the underlying laws, regulations, etc. The course and instruction delivery is geared toward the basic understanding and progresses to complex issues. The course utilizes an identical sample trial balance for form preparation, with filled-in completed Forms 1120S and 1065 provided in the case solutions.

Highlights

  • 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.
  • 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.
  • How the Affordable Care Act affects tax returns.
  • The most frequently used forms and schedules, including some form "oddities."

Preparation

No advance preparation necessary.

Registration for this event has closed. If you have any question or concerns please give us a call at 515-223-8161 or send us an e-mail at iacpa@iacpa.org