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8.0 Credits

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. The course utilizes an identical sample trial balance for form preparation, with filled-in completed Forms 1120S and 1065 provided in the case solutions.


 Learn in detail about the preparation of Form 1120S, Schedules M-1, K, and K-1  Learn in detail about the preparation of Form 1065, Schedules M-1, K, and K-1  Identify and handle commonly found S corporation and partnership tax issues

Major Topics

 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, including some form "oddities"

Designed For

All levels of staff and company controllers responsible for filing these forms


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Materials Option

How would you like to receive your course materials?:

Your registration fee includes an electronic copy of the course manual. Your eMaterials will be available for download in the "My CPE" area of the website one week before the program date. Please note: Program cancellations will not be allowed once you have downloaded your eMaterials from the website. Copyright note: Reproduction or distribution of the manual or any portion of it is prohibited unless written permission is obtained from the course provider.

We will print a manual and provide it to you at registration the morning of the program.

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