Surgent's Forms 1120-S and 1065 Return Review Boot Camp for New and Experienced Reviewers
If you have questions about this event, please call us at 952-831-2707.
Friday, Nov. 8, 2024
8 a.m.-4 p.m. Central
8 CPE (8 technical) | 8 IRS CE
Course code: 24WS-1281
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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 subjects
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Reviews of portions of error-prone "staff-prepared" Forms 1120-S and 1065 from client-provided information
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Be aware of legislative changes
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How to reduce input errors. When and how to rely on third-party data import software
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What are common errors preparers make and what are the areas generating malpractice claims?
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Initial administrative groundwork
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The importance of Schedule M-1. Learn how various schedules are related and learn how to self-review
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Overview of new Schedules K-2 and K-3
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Don't fall prey to reporting oddities
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When can seemingly separately stated Schedule K items actually be trade or business items to report on Forms 1120-S or 1065?
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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 Section 1367; can an S Corporation distribute earnings and profits from C Corporation years?
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Form 1065 -- New tax reporting requirement for partners' capital balances
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Why use Section 704(b) to maintain capital accounts; Section 704(c) regulations for preventing the shifting of tax consequences among partners or members; allocating recourse, nonrecourse, and qualified nonrecourse debt; a review of Section 754 step-up in basis rules
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Discussion of more complex transactions included in corporate structures
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Multiple checklists of efficient procedures to identify potential issues on an 1120-S or 1065 tax return
Learning objectives
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Expand the process involved in reviewing applicable tax returns
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Identify the most common areas that result in errors
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Document a review, including consideration of risk management
Who should take this program?
- Senior-level staff new to the review process or experienced staff members looking to update and/or expand their review procedures
Pricing
Standard Member Fee |
$279.00
|
Standard Nonmember Fee |
$279.00
|
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If you have questions about this event, please call us at 952-831-2707.