Advanced Technical Tax Forms Training-LLCs, Scorps & Partnership [ATFB Anc]
Time: 8-4
Subject:
TaxCredit Hours:
8.00Price:
Member: $295.00
Non-member: $445.00
Discussion Leader:
Susan Smith, CPA
more info
Susan manages her own firm specializing in tax planning for individuals and business owners. Smith spent 14 years as a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick (the predecessor of KPMG). While at Price Waterhouse, she also held the national specialist designation for the real estate and partnership specialized practice units. While at Peat Marwick, Smith led the real estate and tax practices locally.
Smith is a frequent speaker at tax conferences and has been an associate adjunct professor at Widener University in the master’s in taxation program. Her ratings have consistently exceeded 4.5 on a scale of 5.0. With regard to her education, she earned her Bachelor of Business Administration degree, with an accounting concentration, in 1978.
closeWebsite registration for this course closes on August 23, 2012. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.
Full Description
Advanced Technical Tax Forms Training LLCs, S Corporations, and PartnershipsAugust 30, 2012
Location:
Alaska Society of CPAs
341 West Tudor Rd. #105
Anchorage, AK 99503
$295 Member Fee
$445 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 advanced issues and reporting for LLC and partnerships:
Special allocation issues of 704, including economic effect, the "dumb-but-lucky" rule, and substantiality
Determining substantiality and "some help, no hurt" allocations
Determining self-employment taxable income, new 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
Special allocations, such as allocating a taxable gain that has a book loss
Reporting by a partner/member selling a partnership/LLC interestDealing with advanced issues and reporting for S corporations:
Review of 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
The future of S corporations as an entity choice
The low compensation issue is not going awayOther topics:
Battling employee vs. independent contractor questions
Advanced depreciation issues, including additional first-year bonus issues, electing out, the implications of the luxury automobile limits, and like-change exchanges
Final regulations for allocating depreciation recapture to partners and members of LLCs
Current developments regarding repairs verses capital expenditures
Learning Objectives:
Properly complete several tax forms related to certain advanced technical issues which arise in preparing Forms 1065 and 1120S
Who Will Benefit:
CPAs who are involved in planning, preparing, or reviewing complex returns.
Level of Knowledge: Advanced
Prerequisite: Basic- to intermediate-level experience in preparing Forms 1120S and 1065
Advanced Preparation: None
Credits: 8
Field of Study: Taxes
Acronym: ATFB
Discussion Leader: Susan Smith
