Course ID: PCR

Preparing Complex 1040s

For many clients, tax simplification is only an empty promise from politicians. This program is designed for the accountant who is ready to handle the most complex individual client’s income tax preparation.


LEARNING OBJECTIVES
  • Recognize tax traps unique to pass-through entities
  • Understand differences between partnerships, LLCs, and S corporations
  • Deal with common ownership changes
  • Plan for unique S corporation and/or partnership and LLC transactions
  • Apply rules properly when reporting income and other items to owners
  • Properly account for tax adjustments
  • Determine reasonable compensation and guaranteed payments for SE or FICA tax

MAJOR TOPICS
  • Contributions of property in exchange for ownership interest
  • Liabilities and their effect on owners’ basis
  • Back-to-back loan regulations
  • “Open Account Debt” regulations
  • Mergers, split-ups, and liquidations
  • Owners’ distributive share-special allocations
  • Built-in gain-how to calculate and plan for it
  • Excess passive investment income-what it is and isn’t
  • Optional adjustments to the basis of entity property-Sec. 754 election
  • Distributions and payments to a retiring owner
  • Impact of the net investment income tax on partnerships and S corporations
  • Current developments-new laws, cases, and rulings

DESIGNED FOR
Practitioners with experience preparing 1040s. May also be suitable for public practice.

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Loscalzo Associates

CPE CREDITS
8.0

LEVEL
Intermediate
 

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