The course provides a comprehensive understanding of the preparation of both S corporation and partnership/LLC tax returns, along with the underlying laws, regulations, etc. The course and instruction delivery is geared toward the basic understanding and progresses to complex issues. The boot camp allows staff to discover the connections and alterations of these widely held entity structures, while also providing a valued reference for the participant's future use. This course has been updated for impacts of the Protecting Americans Against Tax Hikes (PATH) Act of 2015.
All levels of staff and company controllers responsible for filing these forms
Understand in detail how to prepare Form 1120S, Schedules M-1, K, and K-1 Understand in detail how to prepare Form 1065, Schedules M-1, K, and K-1 Identify and handle commonly found S corporation and partnership tax issues
Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation Gain a comprehensive understanding of income tax laws for S corporations from eligibility and election, to tax return preparation, stock basis, and loss limitation issues Recognize and properly handle special pass-through items of income and expense Accurately prepare S corporation returns and reconcile book income to taxable income Accurately prepare partnership returns and reconcile book income to taxable income Properly handle the tax treatment of distributions to shareholders, partners, or members Understand the special restrictions and sanctions for tax year end selection Review the basics of partnership and LLC formation and basis calculation Self-employment tax or NOT, for each entity Filling in K-1s correctly for S corporations, partnerships, and LLCs How the Affordable Care Act affects tax returns The most frequently used forms and schedules, included 'filled-in'
Massachusetts Society of CPAs 105 Chauncy Street, 10th Floor,
Boston, MA 02111