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. This course will help experienced staff focus on the essential amidst the cacophony of IRS and legislative 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.
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 1120-S
Understand advanced technical practice issues facing practitioners today
Subjects
Schedules K-2 and K-3 and filing exceptions
Form 7203
IRS Tax Pro Account
IRS modernization initiatives
Information Returns Intake System (IRIS)
Identity Theft warnings
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
“Substance over Form” argument of shareholder loans
Advanced study of “At-Risk” loans
Employer W-2 correction requests
White House 2025 Budget Points
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 1120-S and 1065
