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 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…

Description forthcoming

Descriptions subject to change in response to legislative updates.

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 the 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 

* 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 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

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

* 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

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

* Sales and liquidations (redemptions) of partnership interests

* §754 optional basis adjustments and mandatory adjustments

Descriptions subject to change in response to legislative updates

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. 

Course 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

* 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?)

Descriptions subject to change in response to legislative updates.

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 the 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 

* 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 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

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

* 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

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

* Sales and liquidations (redemptions) of partnership interests

* §754 optional basis adjustments and mandatory adjustments

Descriptions subject to change in response to legislative updates

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. 

Course 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

* 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?)

Description Forthcoming

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…