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Forms 1120-S and 1065 Return Review Boot Camp for New and Experienced Reviewers (SLRR)

Tuesday, November 26, 2024
09:00 AM - 05:00 PM (Eastern)

Sue Smith, CPA

  • Format Webinar
  • Credits 8.00
  • Level Intermediate
  • Field of Study Taxes (8)

$279.00

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Overview

Most review techniques developed by professionals are self-taught and fine-tuned via experience. Yet how does one start? The purpose of this course is to give both new and seasoned reviewers additional and advanced procedures via a multitude of checklists to more thoroughly review S corporation and partnership tax returns. Its emphasis is not planning; rather, it is to develop a strategy to properly review a return effectively and thoroughly. The course includes dozens of “practice tips for new reviewers” and is updated for impacts of newly enacted legislation.

Major Topics:

  • Reviews of portions of error-prone “staff-prepared” Forms 1120-S and 1065 from client-provided information
  • What are common errors preparers make and what are the areas generating malpractice claims?
  • Initial administrative groundwork
  • The importance of Schedule M-1. Learn how various schedules are related and learn how to self-review
  • Reporting requirements and filing exceptions for Schedules K-2 and K-3
  • Don’t fall prey to reporting oddities
  • When can seemingly separately stated Schedule K items actually be trade or business items to report on Forms 1120-S or 1065?
  • Form 1120-S – What exactly is terminating S elections today? How do I recognize a second class of stock? Maintaining shareholder basis schedules; beware of final IRS regulations regarding “open debt”; the default method of calculating basis versus the election under §1367; can an S corporation distribute earnings and profits from C corporation years?
  • Form 1065 – New tax reporting requirement for partners’ capital balances
  • Why use §704(b) to maintain capital accounts; §704(c) regulations for preventing the shifting of tax consequences among partners or members; allocating recourse, nonrecourse, and qualified nonrecourse debt; a review of §754 step-up in basis rules
  • Multiple checklists of efficient procedures to identify potential issues on an 1120-S or 1065 tax return

Learning Objectives

  • Expand the process involved in reviewing applicable tax returns
  • Identify the most common areas that result in errors
  • Document a review, including consideration of risk management

Who should take this course:

Senior-level staff new to the review process or experienced staff members looking to update and/or expand their review procedures

Experience in preparing Forms 1120-S or 1065, reviewing diagnostics, and preparing workpapers

None

Yes

No

No

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