Surgent's Forms 1120-S and 1065 Return Review Boot Camp for New and Experienced Reviewers

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.

Highlights

• 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

Prerequisites

Experience in preparing Forms 1120-S or 1065, reviewing diagnostics, and preparing workpapers

Designed For

Senior-level staff new to the review process or experienced staff members looking to update and/or expand their review procedures

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

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.