Surgent's Tax Forms Boot Camp: LLCs, Partnerships, and S Corporations
Available Anytime
Location:
Online
8Credits
Technical Business
Registration is Open
FICPA Members
Nonmembers
$275.00 Regular Price
Product Code: SU24-TFBC-SSWC
Level: Basic
Vendor: Surgent
Field of Study: Taxes
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: 1120-S 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.Objectives:
- Learn in detail about the preparation of Form 1120-S, 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
- Reporting requirements and filing exceptions 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 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”
Designed For:
All levels of staff and company controllers responsible for filing these formsPrerequisite:
NoneAdditional 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.