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 1120-S, 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 and filing exceptions 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.

Fees

Credits

Specialized Credits

Level

Code

Vendor

Fields of Study

Leader(s):

John Kilroy, Surgent McCoy CPE, LLC

Leader Bios

John Kilroy, Surgent McCoy CPE, LLC

John Kilroy is a managing member of iValue Financial Planning LLC, located in the Philadelphia, Pennsylvania area. John engages clients in financial and tax planning, as well as preparing tax returns for individuals, corporations, partnerships, estates, and trusts. John is a CPA and a CFP® practitioner. He is a 1979 graduate of Villanova University with a BS in Accounting. John is a member of the Pennsylvania Institute of Certified Public Accountants and the Financial Planning Association (FPA). Within the FPA, John has served as a board member of the Philadelphia Tri-State chapter and on its education and finance committees. John is an adjunct faculty member for the Temple University Certificate of Financial Planning Program. He is a frequent speaker and facilitator on tax and financial planning topics. John has been quoted in the Wall Street Journal, MarketWatch.com, and USATODAY.com. He has written for the Journal of Financial Planning, and is a contributor to Retirement Weekly. John has also discussed financial and tax planning issues on various radio outlets.

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