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.

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 2024 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