Tax Forms Boot Camp: LLCs, Partnerships, and S Corporations

Get a comprehensive understanding of the preparation of both S corporation and partnership/LLC tax returns and schedules, along with underlying laws and regulations. Review how to identify and handle commonly found S corporation and partnership tax issues. Learn in detail about the preparation of Forms 1120S and 1065.
Highlights

• Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation
• 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
• Properly handle the tax treatment of distributions to shareholders, partners, or members
• Understand the special restrictions and sanctions for tax-year-end selection
• Basics of partnership and LLC formation and basis calculation
• Self-employment tax
• Filling in K-1s correctly for S corporations, partnerships, and LLCs
• How the Affordable Care Act affects tax returns
• The most frequently used forms and schedules, including some form oddities