Objective
- Properly complete several tax forms related to certain advanced technical issues which arise in preparing Forms 1065 and 1120S
- Understand advanced technical practice issues facing practitioners today.
Highlights
- Advanced technical practice and reporting issues for all entities – Why are manhole covers round?
- Taking initiative in difficult assignments, can you deliver the QBI message? Full coverage of §199A qualified business income, its calculation, limitations, and examples as applied to partnerships, LLCs, and S corporations
- How much has the cost of operating as a C Corporation gone down?
- What’s next at DOL, coupled with the grammar police
- IRS battles against blind basis
- What is terminating S corporations today?
- A proposed new tax form for S corp basis, designed to be attached to individual returns
- Can I amend prior returns to correct an impermissible accounting method?
- Depreciation schedules are becoming shorter due to tax-friendly safe harbors
- How §179 limitations affect basis in partnership, LLC, and S corporations
- When to use “704(b) basis” for capital accounts versus “tax basis”
- Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
- Unreasonable uses of the traditional and curative allocation methods
- Capital account adjustments with admission of new member/partner
- Special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality
- Social Security Issues—CBO’s proposals geared for commencement in the next decade
- Special allocations (allocating a taxable gain that has a book loss)
- Review of final regulations on S corporation “open debt”
- Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
- Taxable distribution in excess of basis and reporting issues to shareholders
- Battling employee vs. independent contractor questions and the Voluntary Classification Settlement Program (VCSP)
- Pernicious precedents in payroll penalties; enforcement activities are hot
- Final regulations for allocating depreciation recapture to partners and members of LLCs
Designed For
CPAs who are involved in planning, preparing, or reviewing complex returnsPrerequisite
Basic- to intermediate-level experience in preparing Forms 1120S and 1065Advanced Preparation
None