ATFB
ADVANCED TECHNICAL TAX FORMS TRAINING
– LLCS, S CORPORATIONS AND PARTNERSHIPS
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 in planning productivity as well as avoid costly mistakes when dealing with flow through entities such as S corporations, LLCs, and partnerships. Major Topics
Dealing with K-1 issues and reporting for LLC and partnerships:
- Special allocation issues of §704, including economic effect and the "dumb-but lucky" rule
- Determining substantiality and "some help, no hurt" allocations
- Determining self-employment taxable income, including proposed regulations
- Guaranteed payments, draws, and distributions
- §179 expense special rules for partnerships and LLCs
- Pension deductions for partners and members
- Partners' capital accounts and method of maintaining capital accounts
- Clarifying information on the K-1 for partners and members
- Schedule M-3 issues
Dealing with reporting issues for S corporations:
- Review of new final regulations on S corp "open debt"
- Excess passive investment income tax
- Taxable distribution in excess of basis and reporting issues to shareholders
- Built-in gain tax issues
- Determining earning and profits for C corporations that converted in the past to S corporations
- K-1 reporting issues
- Allocation of debt and basis issues
Other Topics:
- The new IRS tool in battling employee vs. independent contractor questions
- Advanced depreciation issues
- Final regulations for allocating depreciation recapture to partners and members of LLCs
Designed For: CPAs who are involved in planning, preparing or reviewing complex returns.
Level of Knowledge: Advanced
Prerequisites: Basic- to intermediate-level experience in preparing Forms 1120S and 1065.
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