The course provides a comprehensive hands-on, pencil pushing understanding of the preparation of both S corporation and partnership/LLC tax returns, along with the underlying laws, regulations, etc. The course and instruction delivery is geared toward the basic understanding and progresses to complex issues. The boot camp allows staff to discover the connections and alterations of these widely held entity structures, while also providing a valued reference for the participant’s future use. The course utilizes an identical sample trial balance for participants to prepare tax forms, with filled-in completed Forms 1120S and 1065 provided in the case solutions.
- Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation
- Gain a comprehensive understanding of 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
- Review the basics of partnership and LLC formation and basis calculation
- Self-employment tax or NOT, for each entity 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"
All levels of staff and company controllers responsible for filing these forms
- Learn in detail about the preparation of Form 1120S, Schedules M-1, K, and K-1
- Learn in detail about the preparation of Form 1065, Schedules M-1, K, and K-1
- Identify and handle commonly found S corporation and partnership tax issues
By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.
Michael E. Reilly, CPA, ChFC, CLU, CASL
Michael E. Reilly, CPA, is a sole practitioner with offices in West Chester, PA. 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. He was also the CFO for a large insurance agency in Delaware County, PA, and was a licensed insurance agent in Pennsylvania. 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) certifications. In 2016, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills.
Non-Member Price $394.00
Member Price $269.00