Surgent's Forms 1120-S and 1065 Return Review Boot Camp for New and Experienced Reviewers
Available Anytime
Location:
Online
8Credits
Technical Business
Registration is Open
FICPA Members
Nonmembers
$215.00 Regular Price
Product Code: SU24-SLRR-SSDL
Level: Intermediate
Vendor: Surgent
Field of Study: Taxes
Overview:
Most review techniques developed by professionals are self-taught and fine-tuned via experience. Yet how does one start? The purpose of this course is to give both new and seasoned reviewers additional and advanced procedures via a multitude of checklists to more thoroughly review S corporation and partnership tax returns. Its emphasis is not planning; rather, it is to develop a strategy to properly review a return effectively and thoroughly. The course includes dozens of "practice tips for new reviewers" and is updated for impacts of newly enacted legislation.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 management
Major Topics:
- Reviews of portions of error-prone “staff-prepared” Forms 1120-S and 1065 from client-provided information
- What are common errors preparers make and what are the areas generating malpractice claims?
- Initial administrative groundwork
- The importance of Schedule M-1
- Reporting requirements and filing exceptions for Schedules K-2 and K-3
- 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 1120-S or 1065, page 1?
- Form 1120-S – 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 – 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 1120-S or 1065 tax return
Designed For:
Senior-level staff new to the review process or experienced staff members looking to update and/or expand their review proceduresPrerequisite:
Experience in preparing Forms 1120-S or 1065, reviewing diagnostics, and preparing workpapersAdditional Info:
You will receive an email from [email protected] with instructions on how to log onto your course shortly. If you do not receive the email within the hour, please check your spam filter.
For technical support, registration questions or other customer service-related inquiries, please call (800) 778-7436 or email [email protected]. Phones are staffed from 8:30 a.m. to 5:00 p.m. Eastern Time, Monday through Thursday, and 8:30 a.m. to 4:00 p.m. Eastern Time on Friday.