Technical Business Practice Issues and Tax Forms for Experienced Practitioners (Surgent Webinar)

Overview

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 avoid costly mistakes by addressing advanced preparation issues when dealing with flow-through entities such as S corporations, LLCs, and partnerships.

Major Topics:

• Advanced technical practice and reporting issues for all entities – Why are manhole covers round?
• Taking initiative in difficult assignments, can you deliver the QBI message? Full coverage of §199A qualified business income, its calculation, limitations, and examples as applied to partnerships, LLCs, and S corporations
• How much has the cost of operating as a C Corporation gone down?
• What’s next at DOL, coupled with the grammar police
• IRS battles against blind basis
• What is terminating S corporations today?
• A proposed new tax form for S corp basis, designed to be attached to individual returns
• Can I amend prior returns to correct an impermissible accounting method?
• Depreciation schedules are becoming shorter due to tax-friendly safe harbors
• How §179 limitations affect basis in partnership, LLC, and S corporations
• When to use “704(b) basis” for capital accounts versus “tax basis”
• Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
• Unreasonable uses of the traditional and curative allocation methods
• Capital account adjustments with admission of new member/partner
• Special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality
• Social Security Issues—CBO’s proposals geared for commencement in the next decade
• Special allocations (allocating a taxable gain that has a book loss)
• Review of final regulations on S corporation “open debt”
• Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
• Taxable distribution in excess of basis and reporting issues to shareholders
• Battling employee vs. independent contractor questions and the Voluntary Classification Settlement Program (VCSP)
• Pernicious precedents in payroll penalties; enforcement activities are hot
• Final regulations for allocating depreciation recapture to partners and members of LLCs

Learning Objectives

• Properly complete several tax forms related to certain advanced technical issues which arise in preparing Forms 1065 and 1120S
• Understand advanced technical practice issues facing practitioners today.

Format

• Live Webinar – 8 credits – $259