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Thursday, January 14, 2021 Webcast

Tax Forms Boot Camp: LLCs, Partnerships, and S Corporations (X1-TFBC-2021-01-WEBNR-14-01)

10:00 AM - 6:00 PM EST

Webcast


8 CPE Credits in TX

OVERVIEW

The course provides a comprehensive, hands-on, pencil pushing understanding of the preparation of both S corporation and partnership/LLC tax returns, along with the underlying laws, regulations, etc. The course uses the basic concepts underlying the two main types of business returns: 1120S and 1065 as building blocks for more complex concepts tax preparers should be aware of. The theoretical concepts get illustrated in comprehensive examples that incorporate the most up-to-date law changes and provisions.

DESIGNED FOR

All levels of staff in public accounting and company controllers responsible for filing these forms

BENEFITS

  • 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

HIGHLIGHTS

  • Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation
  • Reporting Requirements for Schedules K-2 and K-3
  • Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
  • 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 acccounts 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
  • The most frequently used forms and schedules, including some form "oddities"

COURSE LEVEL

Basic

PREREQUISITES

None

ADVANCE PREPARATION

None

ADDITIONAL NOTES

  • Qualifies for CFP credit
  • Qualifies for IRS credit

INSTRUCTOR

Deborah Phillips

Deborah A. Phillips, CPA, MST

Surgent Professional Education

Debbie operates her own tax controversy practice, specializing in partnership and S corporation tax law as well as IRS audits and procedures. She has been successful petitioning and resolving tax issues under the jurisdiction of the United States Tax Court. She is proficient in Section 199A provisions and computations as well as the Tax Cuts and Jobs Act. She prepares all types of tax returns and utilizes her forensic accounting skills for potential IRS criminal prosecution. Having spent more than 32 years at the IRS, Debbie retired from its Large Business and International Division, where she was a senior manager in the Flow-Through Issue Practice Group, which specialized in S corporation and partnership tax. She was the operations and technical assistant to the Deputy Commissioner International; the technical assistant to the Director of PFTG; a territory manager in the retail, food and pharmaceuticals industries; a team manager in the heavy manufacturing industry; and the IRC Section 263A Technical Advisor. Debbie taught accounting and taxation as an adjunct at Delaware State University, Wilmington College and Goldey-Beacom College. She has been a seminar presenter for over 24 years and a textbook author. She regularly receives the Surgent Outstanding Discussion Leader Award.

PRICING

$259.00 - Member

$269.00 - Nonmember

Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

Print a registration form

COURSE DEVELOPER

Surgent

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