Advanced Technical Tax Forms Training LLCs Scorp Partnerships [ATFB Anc]

Full Description

Advanced Technical Tax Forms Training LLCs, S Corporations and Partnerships

August 11, 2010
Anchorage, Alaska

$295 AKCPA Member Fee
$370 Non Member Fee

It is critical that staff be trained on the increasingly complex forms-related issues that challenge them each busy season. This course will help experienced staff in planning productivity as well as avoid costly mistakes when dealing with flow through entities such as S corporations, LLCs, and partnerships.

Major Topics:
Dealing with K-1 issues and reporting for LLC and partnerships:
Special allocation issues of 704, including economic effect and the "dumb-but lucky" rule
Determining substantiality and "some help, no hurt" allocations
Determining self-employment taxable income, including proposed regulations
Guaranteed payments, draws, and distributions
179 expense special rules for partnerships and LLCs
Pension deductions for partners and members
Partners' capital accounts and method of maintaining capital accounts
Clarifying information on the K-1 for partners and members
Schedule M-3 issues
Dealing with reporting issues for S corporations:
Review of new final regulations on S corp "open debt"
Excess passive investment income tax
Taxable distribution in excess of basis and reporting issues to shareholders
Built-in gain tax issues
Determining earning and profits for C corporations that converted in the past to S corporations
K-1 reporting issues
Allocation of debt and basis issues

Other topics:
The new IRS tool in battling employee vs. independent contractor questions
Advanced depreciation issues
Final regulations for allocating depreciation recapture to partners and members of LLCs

Who Will Benefit
CPAs who are involved in planning, preparing or reviewing complex returns.

Level: Advanced

Prerequisite: Basic- to intermediate-level experience in preparing Forms 1120S and 1065.

Acronym: ATFB

Discussion Leader: Pamela J. Davis-Vaughn, CPA
Pamela J. Davis is a general practitioner providing accounting and tax services to her clients in Corning, New York. She has designed and taught undergraduate and graduate courses in state and local tax at Texas universities, including Baylor and Texas Tech, and has been a highly rated speaker at the Controller's Roundtable, a sponsored event for controllers of automobile dealerships in Texas.

Pam has over 25 years of experience in both public and private accounting sectors. Her public experience ranges from a Big Four firm where she assisted several Fortune 500 companies in restructuring their operations to provide state income and franchise tax savings, participated on the mergers and acquisitions team, and served as the Southwest Area Employment Tax practice leader to providing tax consulting services for closely held businesses of a 16-partner, 100-staff Dallas CPA firm. Her experience in the private sector as CFO of a Dallas based manufacturer servicing the telecom industry and Tax and Accounting Manager of a large independent oil and gas company provides her with significant insight into the challenges faced by those practicing in industry.

Pam holds a BS degree in Business and Accounting from the University of Kansas, an MBA from Wichita State University, and has completed post-graduate work in International Tax at New York University.

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