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Surgent's Tax Forms Boot Camp: LLCs, Partnerships, and S Corporations

Thursday, December 5
 10:00am - 6:00pm

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8.00 Credits

Member Price $279.00

Non-Member Price $404.00

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

To access this program, log into your CTCPA account at https://www.ctcpas.org/my-cpe/upcoming and click on the orange “Launch Event” button.

Leader(s):

Leader Bios

Nicole DeRosa, Surgent McCoy CPE, LLC

Nicole M. DeRosa is a Senior Tax Manager with Wiss & Company, LLP and has more than 13 years of public accounting experience, specializing in taxation for closely held businesses and individuals. In addition to working with clients in an array of industries, she was also an adjunct professor at Raritan Valley Community College where she taught Tax Accounting for Individuals for four years. Ms. DeRosa is a member of the New Jersey Society of Certified Public Accountants and is active on the Content Advisory Board, Federal Taxation Interest Group, and Emerging Leaders Interest Group; she is the current Chairperson of the Emerging Leaders Council. In 2015, she was awarded “30 Under 30” by the NJCPA, which recognizes young professionals who are making a name for themselves in the New Jersey accounting landscape. In 2019 she was awarded the “Women to Watch” Ovation Award which applauds the growth and success of female members for their leadership, potential, contributions and commitment to fostering the success of their colleagues. Most recently Ms. DeRosa was named to the 2021 and 2020 editions of the NJ BIZ Power 50 List which accounts for the most influential men and women in the accounting profession that helps to keep the states’ business on track. In Nicole’s spare time, she teaches Zumba Fitness and is active in various charitable organizations, such as St. Jude’s and the American Heart Association. Ms. DeRosa is a graduate of Fairleigh Dickinson University, with degrees in Accountancy and Master of Science in Accountancy.

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Non-Member Price $404.00

Member Price $279.00