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Staff Training in Taxation - Level 3 (1ST3)

  • Format In-Firm Training
  • Credits 8
  • Level Advanced
  • Field of Study Taxes (8)

To Schedule In-Firm Training, please contact us:

salesinfo@surgent.com

Overview

The 3-day course is designed for staff ready for supervision and engagement management; this is a 3-day course totaling 24 hours, 8 hours per day. Coverage includes advanced S corporation detailed case studies and issues, comprehensive coverage and detailed case studies of advanced partnership and LLC tax issues, and an overview of multistate taxation. Throughout the course, we illustrate recent computational and form changes in hands-on examples while keeping an eye on current legislative developments that may, once again, reshape the fiscal landscape.

Major Topics

  • Complete coverage of major new legislation, including The Inflation Reduction Act of 2022 and The SECURE Act 2.0 
  • What exactly is terminating S corporations – with private letter rulings 
  • Shareholders change their Living Trust and cause S termination 
  • LLCs electing S status, changing agreement could terminate election 
  • Shareholders losing “substance over form” argument 
  • Filing Requirements for Schedules K-2 and K-3 
  • Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations 
  • Partnership Schedule K-1 reporting for §743 adjustments 
  • Partnership Schedule K-1 reporting for §704 gains and losses 
  • Discuss new passthrough basis calculations required as attachments to certain individual returns 
  • Don't get caught watching the paint dry -- Current developments are emphasized throughout this course 
  • Debt vs. equity and §385; Federal Express battled and won, how do we?
  • Complete coverage of any new legislation targeting corporations and partnerships and their respective owners 
  • Recurring and emerging return preparation issues 
  • Unreasonably low compensation 
  • Understand complex issues on calculating shareholder basis & AAA 
  • Discuss loss limitation rules in depth 
  • Distributions -- when unequal is really equal 
  • Liquidating an S -- when do you have problems 
  • Partnership and LLC formation issues 
  • Capital account adjustments with admission of new member 
  • Detailed rules of §704 for preventing shifting of tax consequences among partners or members 
  • How §179 limitations affect S corp and partnership basis 
  • Treatment of recourse versus nonrecourse debt basis 
  • Substantial economic effect, including special allocations, the “dumb-but-lucky” rule and “some help, no hurt allocations” 
  • IRS guidance on self-employment tax for partners in a partnership and members of LLCs and LLPs 
  • New regulations for handling basis step ups under §754 elections 
  • Mandatory basis adjustments when §754 election hasn’t been made 
  • Partnership distributions -- current or liquidating, cash or property 
  • Multistate tax issues and factors for determining nexus
  • Principles and considerations for nonresident withholding, composite payments, and passthrough entity taxes
  • Thinking beyond §163(j) – interest allocation rules, original issue discount, applicable high yield discount obligations, convertible corporate debt instruments, and debt-financed distributions

Learning Objectives

  • Understand certain advanced concepts of S corporation taxation and prepare more complicated S corporation returns
  • Protect S corporation clients from missing the election and other methods of falling out of S corporation eligibility
  • Understand certain advanced concepts of partnership taxation and prepare more complicated partnership returns
  • Understand S corp. and partnership basis issues and at-risk basis

Who should take this course:


Preparers with more than three years of experience, or "in-charge" preparers desiring an "in-depth" study of taxation

Advanced

None

None

Yes

No

No

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