Advanced Technical Tax Forms Training – LLCs, S Corporations, and Partnerships Webinar

• Properly complete several tax forms related to certain advanced technical issues which arise in preparing Forms 1065 and 1120S
• Understand advanced technical practice issues facing practitioners today.

• Advanced technical practice and reporting issues for all entities – Why are manhole covers round?
• Taking initiative in difficult assignments, can you deliver the QBI message?  Full coverage of §199A qualified business income, its calculation, limitations, and examples as applied to partnerships, LLCs, and S corporations
• Don't get caught watching the paint dry, what is hot and new
• IRS battles against blind basis
• Pernicious precedents in payroll penalties, enforcement activities are hot
• What is terminating S corporations today?
• Discuss a Proposal for a yet to be developed new tax form, which calculates S corp basis, designed to be attached to individual returns
• Can I amend prior returns to correct an impermissible accounting method?
• Depreciation Schedules are becoming shorter due to tax friendly safe-harbors
• Can §179 and the de-minimis rule cohabitate?
• How §179 limitations affect basis in partnership, LLC, and S corporations
• When to use “704(b) basis” for capital accounts versus “tax basis”
• Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
• Unreasonable uses of the traditional and curative allocation methods
• Capital account adjustments with admission of new member/partner
• Special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality
• Social Security Issues - CBO’s proposals geared for commencement in the next decade
• Special allocations (allocating a taxable gain that has a book loss)
• Review of final regulations on S corporation “open debt”
• Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
• So what is next with the Department of Labor?
• Taxable distribution in excess of basis and reporting issues to shareholders
• Battling employee vs. independent contractor questions and the Voluntary Classification Settlement Program (VCSP)
• Pernicious precedents in payroll penalties; enforcement activities are hot
• Final regulations for allocating depreciation recapture to partners and members of LLCs