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

This is day 1 of a two-day course.  This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of individual income taxation. The cornerstone of this course is the preparation of the Form 1040 using actual client data common to most individual income tax returns.

Course Highlights

The course is taught with a Hands-On methodology.  Using a comprehensive case study (W-2s, 1099s, 1098s, K-1s), the participant will walk through the preparation of the Form 1040 and related tax schedules.  Each participant will receive a comprehensive individual income tax reference manual that includes practice aids, real world examples, new tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: 

*  Extensive review of the individual income tax laws with an emphasis on any new legislative changes

*  Dissecting the Form W-2, 1099s and Schedule K-1s

*  8995 – QBI deduction

*  Sch A – allowable itemized deductions and phase-out rules

*  Sch B – interest and dividend income

*  Sch C & F – trade or business income and deductions

*  4562 – depreciation and amortization including §179

*  Sch D – sale of capital assets and personal residences

*  4797 – sale of trade or business property including the ordinary income recapture rules under §1245 and §1250

*  Sch E – rentals, passive activities and flow through entities

*  Other gross income items including alimony, state and local refunds, IRA and pension distributions, unemployment compensation and social security benefits

*  Adjustments to gross income including IRAs, SEPs, student loan interest and self-employed health insurance

*  Calculate regular tax liability (Sch D), alternative minimum tax (AMT) (Form 6251) and self-employment tax (Sch SE)

*  Overview of selected income tax credits (e.g., child tax credit, chi…

This is day 2 of a two-day course.  This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of individual income taxation. The cornerstone of this course is the preparation of the Form 1040 using actual client data common to most individual income tax returns.

Course Highlights

The course is taught with a Hands-On methodology.  Using a comprehensive case study (W-2s, 1099s, 1098s, K-1s), the participant will walk through the preparation of the Form 1040 and related tax schedules.  Each participant will receive a comprehensive individual income tax reference manual that includes practice aids, real world examples, new tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: 

*  Extensive review of the individual income tax laws with an emphasis on any new legislative changes

*  Dissecting the Form W-2, 1099s and Schedule K-1s

*  8995 – QBI deduction

*  Sch A – allowable itemized deductions and phase-out rules

*  Sch B – interest and dividend income

*  Sch C & F – trade or business income and deductions

*  4562 – depreciation and amortization including §179

*  Sch D – sale of capital assets and personal residences

*  4797 – sale of trade or business property including the ordinary income recapture rules under §1245 and §1250

*  Sch E – rentals, passive activities and flow through entities

*  Other gross income items including alimony, state and local refunds, IRA and pension distributions, unemployment compensation and social security benefits

*  Adjustments to gross income including IRAs, SEPs, student loan interest and self-employed health insurance

*  Calculate regular tax liability (Sch D), alternative minimum tax (AMT) (Form 6251) and self-employment tax (Sch SE)

*  Overview of selected income tax credits (e.g., child tax credit…

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 

* 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

Overview

This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of partnership, limited liability company (LLC) and limited liability partnership (LLP) taxation. A cornerstone of this course is the preparation of the Form 1065 using a fairly complex trial balance common to most partnership, LLP and LLC 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 1065 (and related schedules). Each participant will receive a comprehensive partnership 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 partnership income tax laws with an emphasis on any new legislative changes

* Comparison of partnerships, LLCs and LLPs

* Overview the formation of a partnership/LLC and the §704(c) pre-contribution gain or loss rules

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

* How schedule K items get allocated to partners on schedule K-1s

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

* Learn the special tax treatment of fringe benefits paid on behalf of the partners and LLC members

* Comparing the tax and §704(b) book capital account computations

* Discuss partner guaranteed payments and self-employment tax issues

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

* Schedule M-2 – analysis of partners’ capital accounts

* Review the importance and basics of cal…

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 is day 1 of a two-day course.  This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of individual income taxation. The cornerstone of this course is the preparation of the Form 1040 using actual client data common to most individual income tax returns.

Course Highlights

The course is taught with a Hands-On methodology.  Using a comprehensive case study (W-2s, 1099s, 1098s, K-1s), the participant will walk through the preparation of the Form 1040 and related tax schedules.  Each participant will receive a comprehensive individual income tax reference manual that includes practice aids, real world examples, new tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: 

*  Extensive review of the individual income tax laws with an emphasis on any new legislative changes

*  Dissecting the Form W-2, 1099s and Schedule K-1s

*  8995 – QBI deduction

*  Sch A – allowable itemized deductions and phase-out rules

*  Sch B – interest and dividend income

*  Sch C & F – trade or business income and deductions

*  4562 – depreciation and amortization including §179

*  Sch D – sale of capital assets and personal residences

*  4797 – sale of trade or business property including the ordinary income recapture rules under §1245 and §1250

*  Sch E – rentals, passive activities and flow through entities

*  Other gross income items including alimony, state and local refunds, IRA and pension distributions, unemployment compensation and social security benefits

*  Adjustments to gross income including IRAs, SEPs, student loan interest and self-employed health insurance

*  Calculate regular tax liability (Sch D), alternative minimum tax (AMT) (Form 6251) and self-employment tax (Sch SE)

*  Overview of selected income tax credits (e.g., child tax credit, chi…

This is day 2 of a two-day course.  This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of individual income taxation. The cornerstone of this course is the preparation of the Form 1040 using actual client data common to most individual income tax returns.

Course Highlights

The course is taught with a Hands-On methodology.  Using a comprehensive case study (W-2s, 1099s, 1098s, K-1s), the participant will walk through the preparation of the Form 1040 and related tax schedules.  Each participant will receive a comprehensive individual income tax reference manual that includes practice aids, real world examples, new tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: 

*  Extensive review of the individual income tax laws with an emphasis on any new legislative changes

*  Dissecting the Form W-2, 1099s and Schedule K-1s

*  8995 – QBI deduction

*  Sch A – allowable itemized deductions and phase-out rules

*  Sch B – interest and dividend income

*  Sch C & F – trade or business income and deductions

*  4562 – depreciation and amortization including §179

*  Sch D – sale of capital assets and personal residences

*  4797 – sale of trade or business property including the ordinary income recapture rules under §1245 and §1250

*  Sch E – rentals, passive activities and flow through entities

*  Other gross income items including alimony, state and local refunds, IRA and pension distributions, unemployment compensation and social security benefits

*  Adjustments to gross income including IRAs, SEPs, student loan interest and self-employed health insurance

*  Calculate regular tax liability (Sch D), alternative minimum tax (AMT) (Form 6251) and self-employment tax (Sch SE)

*  Overview of selected income tax credits (e.g., child tax credit…

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

* 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-1Tax 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) and §734 (distributions)