The course is designed for staff ready for supervision and engagement management; this is a 3 day course totaling 24 hours -- 8 hours per day. Coverage includes advanced S corporation detailed case studies and issues, comprehensive coverage and detailed case studies of advanced partnership and LLC tax issues, and an overview of multistate taxation.

Major Topics:

  • Complete coverage of any new legislation targeting corporations and partnerships and their respective owners
  • Self-employment tax issues for shareholders, partners and members
  • Beware of recent final IRS Regs. on 'open debt' of S corporations
  • BIG tax -- chopping it down to size
  • Recurring and emerging return preparation issues
  • Unreasonably low compensation -- proposed regulations
  • Understand complex issues on calculating shareholder basis & AAA
  • Discuss loss limitation rules in depth
  • Distributions -- when unequal is really equal
  • Liquidating an S -- when do you have problems
  • Partnership and LLC formation issues
  • Capital account adjustments with admission of new member
  • Electronic furnishing of Schedule K1
  • Inconsistent treatment of Schedule K1 items
  • Detailed rules of §704 for preventing shifting of tax consequences among partners or members
  • How to properly calculate basis
  • Treatment of recourse versus nonrecourse debt basis
  • Substantial economic effect, including special allocations, the 'dumb-but-lucky' rule and 'some help, no hurt allocations'
  • IRS guidance on self-employment tax for partners in a partnership and members of LLCs and LLPs
  • How to handle partnership and LLC passive activity loss situations
  • New regulations for handling basis step ups under §754 elections
  • Mandatory basis adjustments when §754 election hasn’t been made
  • Partnership distributions -- current or liquidating, cash or property
  • Comparison with LLCs, LLPs, and S corporations
  • Multistate tax issues including summary of payroll, property, and sales factor allocation methods
  • Understand 'apportioned income' & 'allocated income' differences
  • Factors for determining nexus
  • The Credit for Small Employers Health Insurance Premiums
  • Current developments are emphasized throughout this course

Learning Objectives:

  • Understand certain advanced concepts of S corporation taxation and prepare more complicated S corporation returns
  • Protect S corporation clients from missing the election and other methods of falling out of S corporation eligibility
  • Understand certain advanced concepts of partnership taxation and prepare more complicated partnership returns
  • Understand S corp. and partnership basis issues and at-risk basis

Designed For: Preparers with more than three years of experience, or 'in-charge' preparers desiring an 'in-depth' study of taxation
Level of Knowledge: Advanced
Prerequisite: None
Advanced Preparation: None
Credits: 8