Overview

This comprehensive training is designed to get the accountant up to speed quickly with the different types of individual retirement accounts (IRAs). The cornerstone of the course is an in-depth coverage of the contribution and distribution rules to the Traditional, Roth, Simplified Employee Pension (SEP) and Savings Incentive Match Plan for Employees (SIMPLE) IRAs. The course will also discuss the basics of the health savings account (HSA) as well as any newly enacted tax legislation related to IRAs.

Course Highlights

Each attendee will receive the most comprehensive IRA reference manual with numerous practice aids, examples and required minimum distribution tables.  Topics include but are not limited to:

*  An emphasis on newly enacted tax legislation affecting IRAs (i.e., The Big Beautiful Bill) including the final required minimum distribution (RMD) regulations

*  Contribution limits to and tax treatment of distributions from Traditional, Roth, SEP and SIMPLE IRAs

*  Deductible phase-out limits for Traditional IRA contributions for taxpayers that are active participants in qualified retirement plans

*  Roth IRA contribution phase-out limits as well as tax-free qualified distributions

*  Planning opportunities for conversions to ROTH IRAs

*  Rollover rules to/from different retirement accounts and the one-rollover-per-year limitation

*  The different options of receiving IRA distributions before age 59 ½ and avoiding the 10% early distribution penalty (including substantially equal periodic payments)

*  The required minimum distribution (RMD) rules from IRAs needed to avoid the 50% penalty after the account owner turns age 73 or dies

*  The tax ramifications of spouse and non-spouse beneficiaries and how this affects the RMD calculation after the account owner’s death

*  Overview of health savings account (HSA) eligibility rules, contribution limits and distribution ru…

Course description forthcoming

Overview

This comprehensive training is designed to get the accountant up to speed quickly with S corporation formation and preparation issues as well as a complete understanding of calculating a shareholder’s stock and debt basis. The cornerstone of this course is the in-depth line-by-line analysis of the Form 1120S Schedule K and K-1 and how these items affect the shareholder’s Federal individual income tax return.

Course Highlights

Each attendee will receive the most comprehensive reference manual with numerous practice aids and real world examples and case studies.  Topics include but are not limited to:

*  Extensive review of the S corporation tax laws with an emphasis on any new legislation (i.e., The Big Beautiful Bill) including the expiration or extension of any TCJA provisions after 2025

*  Review the Form 1120S and discuss how items get reported on the S corporation tax return (i.e., page 1 versus Schedule K) and flow-thru to the shareholders on their schedule K-1

*  Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual’s Federal income tax return and how the items affect the shareholder’s stock and debt basis

*  Look at detailed Schedule K-1 information reporting to shareholders needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations

*  S corporation formation issues under IRC §351

*  Tax ramifications and reporting of distributions at the S corporation level including when the S corporation has prior C corporation earnings and profits (E&P)

*  Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts

This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of S-corporation taxation. The cornerstone of this course is the preparation of the Form 1120S using a fairly complex trial balance common to most S corporation income tax returns.

Course Highlights

This session is taught using a Hands-On methodology.  Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1120S (and related schedules). Each participant will receive a comprehensive S corporation income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: 

*  Extensive review of the S corporation income tax laws with an emphasis on any new legislative

*  Schedule K analysis– determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items

*  Discuss how schedule K items get allocated to shareholders on their schedule K-1s

*  Look at detailed Schedule K-1 information reporting to shareholders needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations

*  Talk about the unreasonably low officer compensation issues

*  Learn the special tax treatment of fringe benefits paid to 2% shareholders and family members

*  Schedule M-1 – calculate the reconciliation of income or loss per books with income or loss per income tax return

*  Schedule M-2 – detailed step-by-step calculation of the AAA, PTI, E&P and OAA accounts

*  Basic overview of the tax treatment of distributions including when a S corporation has prior C corporation earnings and profits (E&P)

*  Review the importance and basics of calculating a shareholder’s stock and debt basis

*&nb…

This comprehensive training is designed to get the accountant up to speed quickly with the complex passive activity loss (PAL) rules that apply to certain investments in trades or businesses and rental activities. The cornerstone of the course is the in-depth coverage of the detailed tax law and regulations applicable to passive activities under IRC §469 and how and when the 3.8% net investment income tax under §1411 applies.

Course Highlights

Each attendee will receive the most comprehensive passive activity reference manual with numerous practice aids and real-world examples. Topics include but are not limited to: 

* Detailed coverage of the passive activity rules under IRC §469 (and related regulations), how the 3.8% net investment income tax under §1411 and qualified business income (QBI) deduction under §199A applies to rentals and passive activities, and what is a trade or business rental is under §162

* How the PAL rules apply to rental real estate activities and investments in S corporations and partnerships

* Definition of an activity and the activity grouping and disclosure rules

* Real estate professional exception to the PAL rules for investments in non-passive rentals

* Special $25,000 loss allowance for rental real estate with active participation

* Material participation safe harbor rules

* Events that trigger suspended PALs

* Limitations on tax credits generated by passive activities

* Special rules that re-characterize passive income to non-passive income

* What rentals are subject to self-employment tax under §1402

Overview

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a S corporation course focusing on the birth, growth, maturity, and death of a closely held S corporation. This case driven course will deal with S corporation income tax laws from formation to liquidation.

Highlights

This class will review S corporation tax law by looking at case studies addressing issues and problems at both the S corporation and shareholder level.  Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies.  Topics include but are not limited to:

*  Extensive review of the S corporation tax laws with an emphasis on any new legislative changes (i.e., The Big Beautiful Bill) including the expiration or extension of any TCJA provisions after 2025

*  Requirements to make an S election (i.e., types and numbers of shareholders and second class of stock issues)

*  Fixing late S corporation elections (i.e., Form 2553)

*  S corporation formation (§351) and liquidation issues

*  Revocation and termination of S corporations

*  Schedule K and K-1 – separately stated versus non-separately stated income and expense items

*  Detailed Schedule K-1 reporting including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax

*  Compensation issues including the tax treatment of fringe benefits

*  Built in gains tax and other planning opportunities when converting a C to S corporation

*  Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts

*  Tax treatment of stock redemptions (sale or distribution?)

Overview

This comprehensive case-driven training is designed to get the accountant up to speed quickly in the area of basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corporations, partnerships, and limited liability companies (LLCs)). The cornerstone of this course is the line-by-line analysis of the Schedule K-1s and how it affects the basis calculations. 

Course Highlights

This session is taught using a Hands-On methodology. Real world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the participants learning experience. Each attendee will receive the most comprehensive reference manual with numerous practice aids, real world examples, and case studies.  Topics include but are not limited to:

*  Detailed coverage of any new legislation affecting basis computations and distributions and changes to the schedule K-1s (including the Form 7203 – S Corporation Shareholder Stock and Debt Basis Limitations)

*  Line-by-line analysis of the Schedule K-1s to determine how the items affect a S shareholder’s stock and debt basis and a partner/member’s outside basis and where the items get reported on Federal individual income tax return

*  The three loss and deduction limitations on the owner’s individual income tax return (i.e., basis, at-risk and other Form 1040 limitations)

*  How cash or non-cash distributions affect the basis calculations and whether or not they are taxable to the owners

*  Compare the tax treatment of the sale of a shareholder’s stock in a S corporation and a partner’s interest in a partnership

*  What constitutes debt basis for a S corporation shareholder under the final regulations

*  The tax ramifications of repaying loans to S corporation shareholders and on open account debt

*  How recourse and non-recourse debt effect a partner or member’s basis calculations and amount at-risk

Overview

This comprehensive training is designed to get the accountant up to speed quickly with partnership and limited liability company (LLC) formation and preparation issues as well as a complete understanding of calculating a partner and LLC member’s basis. The cornerstone of this course is the in-depth line-by-line analysis of the Form 1065 Schedule K and K-1 and how these items affect the partner/member’s individual income tax return.

Course Highlights

Each attendee will receive the most comprehensive reference manual with numerous practice aids and real world examples and case studies.  Topics include but are not limited to:

*  Extensive review of the partnership tax laws with an emphasis on any new legislative changes (i.e., The Big Beautiful Bill) including the expiration or extension of any TCJA provisions after 2025

*  Review the Form 1065 to learn how income statement items get reported on the partnership/LLC tax return (i.e., page 1 versus Schedule K) and flow-thru to the partner/members on Schedule K-1

*  Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual’s Federal income tax return and how the items affect the partner/member’s outside basis

*  Look at detailed Schedule K-1 information reporting to partners/members needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations

*  Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member

*  Calculating the tax and §704(b) book capital accounts

*  Reporting recourse and non-recourse debt on the Schedule K-1

*  Tax ramifications and reporting of cash and non-cash distributions including disproportionate distributions of “hot assets”

*  Overview of the §754 election for optional basis adjustments triggering §743 (transfer of interests) a…

Overview

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a partnership/LLC course focusing on the hottest tax topics and most frequently encountered issues. This case driven course will deal with both partnership/LLC and partner/member developments addressing the most common, yet complex Federal partnership/LLC issues and problems.

Course Highlights

This class will review partnership tax law by looking at case studies addressing issues and problems at both the partnership and partner level.  Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies. Topics include but are not limited to: 

*  Extensive review of the partnership tax laws with an emphasis on any new legislative changes (e.g., SECURE Act, CARES Act and COVID-related Tax Relief Act of 2020 and Taxpayer Certainty & Disaster Relief Act of 2020) including the 20% qualified business income (QBI) deduction, 3.8% net investment income tax and changes to the interest deduction, fringe benefits and entertainment expenses

*  Overview of different forms of business entities including the check-the-box regulations

*  Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member

*  Schedule K and K-1 – separately & non-separately stated income and expense items

*  Substantial economic effect requirement to have special allocations to the partners/members

*  Allocation of recourse & non-recourse debt on K-1s

*  Guaranteed payment issues and tax treatment of fringe benefits

*  Self-employment tax issues and pitfalls

*  754 optional basis adjustments and mandatory adjustments

*  Tax treatment of distributions – cash versus non-cash & liquidating versus non-liquidating

*  Overview of a partner/me…

Course description forthcoming