8.0 Credits

Most review techniques developed by professionals are self-taught and fine-tuned via experience. Yet, how does one start? Provide new and seasoned reviewers with additional and advanced procedures via many checklists to more thoroughly review S corporation and partnership tax returns. Its emphasis is not planning; instead, it is to develop a strategy to review a return effectively and thoroughly. The material includes dozens of "practice tips for new reviewers" and is updated for impacts of newly enacted legislation.


  •     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

Major Topics

  •     Reviews of portions of error-prone "staff-prepared" Forms 1120S and 1065 from client-provided information
  •     Be aware of legislative changes
  •     How to reduce input errors. When and how to rely on third-party data import software
  •     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
  •     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 1120S or 1065, page 1?
  •     Form 1120S – 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 1120S or 1065 tax return


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

Advanced Preparation



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Thursday, January 27, 2022

General Sessions
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