Event 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.

Designed For

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

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

Major 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

Instructions

None