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Surgent's Tax Forms Boot Camp: LLCs, Partnerships, and S Corporations

  • 01/26/2023
  • 8:00 AM - 4:00 PM
  • TFBC-2023-01-WEBNR-26-02

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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.

Major Topics:

  • Timely coverage of breaking tax legislation
  • Schedules K-2 and K-3 reporting requirements
  • 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
  • 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"

Objectives:

  • 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
          Designed for: All levels of staff and company controllers responsible for filing these forms

            Level: Basic

            Instructor: Nicole DeRosa, MAcc, CPA

            CPE Credits: 8

            Area of Study: Taxes (8)

            Prerequisite: None


            Visit Us:

            3100 South Columbia Road
            Suite 500
            Grand Forks, ND 58201

            Contact Us: 

             (701) 775-7111
            or (877) 637-2727
            Email: info@ndcpas.org

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