Tax Forms Boot Camp: LLCs, Partnerships, and S Corporations

Overview

The course provides a comprehensive, hands-on, pencil pushing understanding of the preparation of both S corporation and partnership/LLC tax returns, along with the underlying laws, regulations, etc. The course uses the basic concepts underlying the two main types of business returns: 1120S and 1065 as building blocks for more complex concepts tax preparers should be aware of. The theoretical concepts get illustrated in comprehensive examples that incorporate the most up-to-date law changes and provisions.

Objectives

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

Highlights

Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation

Reporting Requirements for Schedules K-2 and K-3

Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations

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

What the transactional method entails and how to report partners' capital accounts under this method

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. Major changes in K-1 reporting on both partnership and S corporation forms and content

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

Prerequisites

None

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy. https://www.ctcpas.org/events/cpe-policies

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

John Evanich Jr., Surgent McCoy CPE, LLC

Leader Bios

John Evanich Jr., Surgent McCoy CPE, LLC

John L. Evanich, Jr., CPA, is a retired tax partner, formerly with CohnReznick, LLP – the 10th-largest CPA firm in the country. For more than 40 years, John specialized in working with professional service businesses, LLCs, LLPs, and S corporations on tax planning and other tax matters important to them. John has represented taxpayers on hundreds of IRS appeals and court petitions. With over 40 years of experience in public accounting, John is a past president of the Connecticut Society of CPAs (CTCPA), a past member of their Board of Governors, and a former trustee of their Educational Trust Fund. He is also a former member of AICPA Council. Mr. Evanich has lectured and written extensively on tax issues, both locally and nationally. He is a member of the American Institute of CPAs. In 2015 and 2016, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. He has also served as chairman of many CTCPA committees, most notably the Federal Taxation, State Taxation, Public Relations, and Technical Consultation Services committees. John has also testified on tax matters of concern to middle- and upper-income taxpayers, as well as small businesses, before the Ways and Means Committee of the U.S. House of Representatives, as well as various Connecticut state legislative committees. Mr. Evanich received a bachelor’s degree in accounting with honors from the University of Bridgeport, Connecticut and completed all course work in the Master’s in Taxation program at Pace University in New York City.

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