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Advanced Technical Tax Forms Training: LLCs, S Corps, and Partnerships (ATFB14)
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It is critical that staff be trained on the increasingly complex forms related issues that challenge them each busy season. This course will help experienced staff avoid costly mistakes by addressing advanced preparation issues when dealing with flow-through entities such as S corporations, LLCs, and partnerships.

11/10/2014
When: 11/10/2014
8:30 am until 5:00 pm
Where: Bankers Center
5555 Bankers Ave
Baton Rouge, Louisiana  70808
Presenter: Wendy E. Kravit


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It is critical that staff be trained on the increasingly complex forms related issues that challenge them each busy season. This course will help experienced staff avoid costly mistakes by addressing advanced preparation issues when dealing with flow-through entities such as S corporations, LLCs, and partnerships.

 

Designed for: CPAs who are involved in planning, preparing, or reviewing complex returns.

 

Objectives: Properly complete several tax forms related to certain advanced technical issues which arise in preparing Forms 1065 and 1120S

 

Highlights:

  • Converting a General Partnership into a LLC
  • Capital account adjustments with admission of new member or partner
  • Special allocation issues of §704, including economic effect, the 'dumb-but-lucky' rule, and substantiality
  • *Determining substantiality and 'some help, no hurt' allocations
  • Determining self-employment taxable income, new regulations? 
  • Guaranteed payments, draws, and distributions
  • Pension deductions for partners and members
  • Partners' capital accounts & method of maintaining capital accounts
  • Special allocations (allocating a taxable gain that has a book loss)
  • Reporting by a partner/member selling a partnership/LLC interest 
  • Review of final regulations on S corp. 'open debt'
  • Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
  • How IRS calculates CPA's reasonable compensation
  • Built-in gains and Excess passive investment income tax
  • Taxable distribution in excess of basis and reporting issues to shareholders
  • Proper handling of accrued expenses payable to a shareholder
  • New regulations on capitalization of tangible assets and procedures for automatic changes in accounting method associated with the new depreciation rules
  • How do §179 limitations affect partnership, LLC and S Corporation basis
  • Battling employee vs. independent contractor questions and the Voluntary Classification Settlement Program (VCSP)
  • Advanced depreciation issues
  • Payroll tax penalty charged to outside accountants
  • Final regulations for allocating depreciation recapture to partners and members of LLCs

Requisite Knowledge: Basic- to intermediate-level experience in preparing Forms 1120S and 1065

 

Speaker: Wendy E. Kravit

Vendor: Surgent McCoy

Field of Study: Taxation

Level: Advanced

CPE Credits: 8

 

Registration Fees:

 

Members

CPA Non-Members

Early Bird (through 10/26)

$276

$376

Standard (after 10/26)

$326

$426

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