Expand the process involved in reviewing applicable tax returns. Identify the most common areas that result in errors. Learn how to document a review, including consideration of risk management. Get checklists to more thoroughly review S corporation and partnership tax returns. Hear dozens of practice tips for new reviewers. Highlights
Reviews of portions of error-prone Forms 1120S and 1065 from client-provided information
What are common errors preparers make, and what are the areas generating malpractice claims?
Initial administrative groundwork
The importance of Schedule M-1
Reporting oddities
When can seemingly separately stated Schedule K items be trade or business items to report on Forms 1120S or 1065, page 1?
Form 1120S – What exactly is terminating S elections today? How do I recognize a second class of stock? Maintaining shareholder basis schedules; beware of final IRS regulations regarding “open debt”; the default method of calculating basis versus the election under Section 1367; can an S corporation distribute earnings and profits from C corporation years?
Form 1065 – Why use Section 704(b) to maintain capital accounts; Section 704(c) regulations for preventing the shifting of tax consequences among partners or members; allocating recourse, nonrecourse, and qualified nonrecourse debt; a review of Section 754 step-up in basis rules
Multiple checklists of efficient procedures to identify potential issues on an 1120S or 1065 tax return
Registration
PICPA Member: $285 Nonmember: $385
More Information
Course No. 766901Level: Intermediate
Prerequisites:
Experience in preparing Forms 1120S and 1065, reviewing diagnostics, and preparing workpapers
Speaker(s)
Michael Reilly
Michael E. Reilly, CPA, ChFC, CLU, CASL Sole
Practitioner
Michael E. Reilly, CPA,
is a sole practitioner with offices in West Chester, PA. His
practice focuses on tax and financial planning and consulting for
individuals and small businesses.
In addition to maintaining his practice, Mr. Reilly has been an adjunct
professor at several colleges and was a visiting professor of Economics and
Business at Lafayette College.
Mr. Reilly earned his bachelor’s degree in business administration with an
accounting concentration from Temple University and his master of taxation
degree from Villanova University School of Law. He also holds the Chartered
Financial Consultant (ChFC) and Chartered Life Underwriter (CLU)
designations from the American College.