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Forms 1120-S and 1065 Return Review Boot Camp for New and Experienced Reviewers

ID: 58530
Thursday November 30, 2023 8:30AM - 4:30PM
Topics: Tax
Save 12% until 11/2/2023

Most review techniques developed by professionals are self-taught and fine-tuned via experience. Yet how does one start? The purpose of this course is to give both new and seasoned reviewers additional and advanced procedures via a multitude of checklists to more thoroughly review S corporation and partnership tax returns. Its emphasis is not planning; rather, it is to develop a strategy to properly review a return effectively and thoroughly. The course includes dozens of practice tips for new reviewers and is updated for impacts of newly enacted legislation.

Major Topics

  • Reviews of portions of error-prone staff-prepared 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 requirements for Schedules K-2 and K-3
  • Dont fall prey to reporting oddities
  • When can seemingly separately stated Schedule K items actually 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 1367; can an S corporation distribute earnings and profits from C corporation years?
  • Form 1065  Why use 704(b) to maintain capital accounts; 704(c) regulations for preventing the shifting of tax consequences among partners or members; allocating recourse, nonrecourse, and qualified nonrecourse debt; a review of 754 step-up in basis rules
  • Multiple checklists of efficient procedures to identify potential issues on an 1120S or 1065 tax return

Learning Objectives

  • Expand the process involved in reviewing applicable tax returns
  • Identify the most common areas that result in errors
  • Document a review, including consideration of risk management


Joseph Nicola