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
- Is the “Employee vs. Independent Contractor” conundrum about to explode?
- Don't get caught watching the paint dry; what is hot and new
- Things your parents taught you
- Payroll penalties update
- What is terminating S corporations today?
- New emphasis on basis reporting
- How §179 limitations affect basis in partnerships, LLCs, and S corporations
- How much luxury automobile depreciation in the second year of service, new Rev. Proc.
- 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
- Special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality
- Social Security Issues – Recent (2019) proposals
- Special allocations (allocating a taxable gain that has a book loss)
- Review of final regulations on S corporation “open debt”
- Taxable distribution in excess of basis and reporting issues to shareholders
- 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