Description

Don’t let the title frighten you. It is critical that staff be trained on the increasingly complex forms-related issues that challenge them each busy season. With three major Acts passed in the span of less than eighteen months, this course will help experienced staff focus on the essential amidst the cacophony of changes and avoid costly mistakes. This course brings to the forefront advanced preparation issues, from individual returns to flow-through entities such as S corporations, LLCs, and partnerships.

Presented by Michael Frost, CPA

Target Audience

Accounting and Finance Professionals who are involved in planning, preparing, or reviewing complex returns

Course Objectives

• 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

Subjects

• Filing requirements for Schedules K-2 and K-3 
• Form 7203 
• IRS Tax Pro Account 
• IRS challenges, urgency for modernization 
• Individuals are NOT the only victims of Identity Theft. Heightened security measures during increased telecommuting  
• IRS guidance for the marijuana industry 
• “Recycled” Form 1099-NEC to report nonemployee compensation 
• Form 1065 steps for reporting capital 
• Centralized audit regime; late filing penalties and small partnership relief 
• What is terminating S corporations today? 
• “Substance over Form” argument of shareholder loans 
• Advanced study of “At-Risk” loans 
• Employer W-2 correction requests 
• White House 2024 Budget Points 
• Reporting eligible §1231 gains from Qualified Opportunity Zone Business Property? 
• Don't get caught watching the paint dry -- What is hot and new 
• What is terminating S corporations today? 
• Special allocation issues of §704 
• Final regulations for allocating depreciation recapture to partners and members of LLCs 

Prerequisites

Basic- to intermediate-level experience in preparing Forms 1120S and 1065