On-Demand

8 CPE Credits

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

On-Demand
8 CPE Credits

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This course is delivered as a recorded video. After completing all sessions, you must pass the final exam with a minimum score of 70% to receive credit.

 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: 1120S and 1065 as building blocks for more complex concepts tax preparers should be aware of. The theoretical concepts get illustrated in comprehensive examples that incorporate the most up-to-date law changes and provisions.

Learning Objectives

  • 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

Major Topics

  • Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation 
  • Reporting Requirements for Schedules K-2 and K-3 
  • Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations 
  • 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 
  • What the transactional method entails and how to report partners’ capital accounts under this method 
  • 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. 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” 

CPE Credits Available

8 CPE Credits
8
Taxes

Things to Know About This Course

Course Level

  • Basic

Professional Area of Focus

  • Partnership Tax
  • Tax
  • Enrolled Agent - IRS Credit Eligible

Prerequisites

None

Advanced Preparation

None

Intended Audience

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

Provider

Surgent CPE

This can not be purchased at this time.