Overview

8.0 Credits
ONLINE

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.

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

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

Prerequisite

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

Advanced Preparation

None

Sessions

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Thursday, January 27, 2022

General Sessions
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