Surgent's Tax Forms Boot Camp: LLCs, Partnerships, and S Corporations

Overview

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 uses the basic concepts underlying the two main types of business returns, 1120-S and 1065, as building blocks for more complex concepts tax preparers should be aware of. The theoretical concepts are illustrated in comprehensive examples that incorporate the most up-to-date law changes and provisions.

Objectives

• Learn in detail about the preparation of Form 1120-S, 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

Highlights

• Updates related to HR 1, One Big Beautiful Bill Act – incorporated throughout the material
• The tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation
• Reporting requirements and filing exceptions for Schedules K-2 and K-3
• Form 7203, “S Corporation Shareholder Stock and Debt Basis Limitations”
• Income tax laws for S corporations ranging from eligibility and election to tax return preparation, stock basis, and loss limitation issues
• Recognizing and handling special pass-through items of income and expense
• Preparing S corporation returns and reconciling book income to taxable income
• Preparing partnership returns and reconciling book income to taxable income
• What the transactional method entails and how to report partners’ capital accounts under this method
• Properly handling the tax treatment of distributions to shareholders, partners, or members
• The special restrictions and sanctions for tax year-end selection
• 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. Major changes in K-1 reporting on both partnership and S corporation forms and content
• The most frequently used forms and schedules, including some form “oddities”

Designed For

All levels of staff and company controllers responsible for filing these forms

Prerequisites

None

Preparation

None

Notice

This self-study product is a course manual download with a test. You will receive an email with instructions to access this course.