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. 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.

Instructor: 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 1120-S

Understand advanced technical practice issues facing practitioners today

Subjects

Bonus depreciation and §179 changes under the OBBBA

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 

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