Tax Forms Boot Camp: LLCs, Partnerships and S Corporations

Overview

The course provides a comprehensive, hands-on understanding of the preparation of both S corporation and partnership/LLC tax returns, along with the underlying laws, regulations, etc. The course uses the basic concepts underlying the two main types of business returns: 1120S and 1065 as building blocks for more complex concepts tax preparers should be aware of. The theoretical concepts get illustrated in comprehensive examples that incorporate the most up-to-date law changes and provisions.

Highlights

• Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation 
• Reporting Requirements for Schedules K-2 and K-3 
• Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations 
• Gain a comprehensive understanding of income tax laws for S corporations from eligibility and election to tax return preparation, stock basis, and loss limitation issues 
• Recognize and properly handle special pass-through items of income and expense 
• Accurately prepare S corporation returns and reconcile book income to taxable income 
• Accurately prepare partnership returns and reconcile book income to taxable income 
• What the transactional method entails and how to report partners’ capital accounts under this method 
• Properly handle the tax treatment of distributions to shareholders, partners, or members 
• Understand the special restrictions and sanctions for tax year-end selection 
• Review the basics of partnership and LLC formation and basis calculation 
• Self-employment tax or NOT, for each entity 
• Filling in K-1s correctly for S corporations, partnerships, and LLCs. Major changes in K-1 reporting on both partnership and S corporation forms and content 
• The most frequently used forms and schedules, including some form “oddities” 

Prerequisites

None

Designed For

All levels of staff and company controllers responsible for filing these forms.

Objectives

• Learn in detail about the preparation of Form 1120S, Schedules M-1, K, and K-1
• Learn in detail about the preparation of Form 1065, Schedules M-1, K, and K-1
• Identify and handle commonly found S corporation and partnership tax issues

Preparation

None

Notice

This seminar has been approved for IRS CE credit for Enrolled Agents (EA) and Registered Tax Return Preparers (RTRP) with PTIN numbers. Please complete and return the request form PRIOR to the seminar if you are an EA or RTRP and would like to receive IRS CE credit. IRS credit will NOT BE issued to you unless ISCPA receives the request form.