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Instructor : J Patrick Garverick

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.

Field(s) of Study: Taxes
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    Learning Objectives

    Once participants have completed this session, they should be able to:

    ·       Prepare a complete Form 1120S income tax return and related schedules with minimal review points

    ·       Understand the S corporation income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions)

    Level

    Basic

    Marketing Info

    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

    ·    Basic overview of the potential S corporation built in gains tax from the conversion of a C to S corporation


    TOKEN PRICE ranges from $20-$30 (depending on the quantity purchased).

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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.

Field(s) of Study: Taxes
  • More Info

    Learning Objectives

    • Once participants have completed this session, they should be able to:

      ·       Form a S corporation and calculate the corporation’s initial inside basis in the assets and shareholder’s stock and debt basis

      ·       Prepare a basic S corporation (Form 1120S) Schedule K & Schedule M-2 including the reporting of cash and non-cash distributions 

      ·       Understand how the schedule K items get allocated to the shareholders on their individual Schedule K-1

      ·       List the three main reasons for calculating a shareholder’s basis in a S corporation

      ·       Calculate a shareholder’s stock and debt and determine if losses and deductions are limited on their individual income tax return

       

    Level

    Intermediate

    Prerequisites

    • Background in S corporation and individual income tax law

    Advanced Preparation

    None

    Marketing Info

    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 (SECURE & CARES Act)
    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

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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.

Field(s) of Study: Taxes
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    Learning Objectives

    • Once participants have completed this session, they should be able to:

      ·       Form a partnership and calculate the partnership’s initial inside basis in the assets and partner’s outside basis in the entity

      ·       Understand how the schedule K items get allocated to the partners/members on their individual Schedule K-1

      ·       Prepare a partnership’s initial tax and §704(b) book capital accounts and understand their purpose

    Level

    Intermediate

    Prerequisites

    Background in partnership and individual income tax law

    Advanced Preparation

    None

    Marketing Info

    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 (SECURE & CARES Act) 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/member’s outside basis and deductibility of losses

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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.

Field(s) of Study: Taxes
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    Learning Objectives

    • Once participants have completed this session, they should be able to:

      ·       Identify what activities are subject to the PAL rules and the exceptions to them including those for certain real estate professionals

      ·       Define a passive activity, rental and trade or business under IRC §469

      ·       List the seven ways to materially participate in an activity and the six exceptions to the definition of a rental activity

      ·       Calculate the passive activity income and losses allowed and the tax ramifications of passive activity dispositions

      ·       Recognize what passive activity investments are potentially subject to the 3.8% net investment income tax under IRC §1411

    Level

    Intermediate

    Prerequisites

    Background in individual income tax law

    Advanced Preparation

    None

    Marketing Info

    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

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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.

Field(s) of Study: Taxes
  • More Info

    Learning Objectives

    Once participants have completed this session, they should be able to:

    ·       Form a partnership and calculate the partnership’s initial inside basis in the assets and partner’s outside basis in the entity

    ·       Prepare a basic partnership (Form 1065) Schedule K including the reporting of cash and non-cash distributions

    ·       Understand how the schedule K items get allocated to the partners/members on their individual Schedule K-1

    ·       List the three main reasons for calculating a partner/member’s basis in a partnership/LLC 

    ·       Calculate a partner/member’s outside basis and determine if losses and deductions are limited on their individual income tax return

    Level

    Intermediate

    Prerequisites

    Background in partnership and individual income tax law

    Marketing Info

    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 (SECURE & CARES Act)

    ·       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

    ·       The purpose of tax and §704(b) book capital account

    ·       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) and §734 (distributions)

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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.

Field(s) of Study: Taxes
  • More Info

    Learning Objectives

    Once participants have completed this session, they should be able to:

    ·       Prepare a complete Form 1065 income tax return and related schedules with minimal review points

    ·       Understand the partnership income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions) 

    Level

    Basic

    Marketing Info

    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

    ·       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 calculating a partner/member’s outside tax basis.

    ·     Overview of the tax treatment of distributions, recourse and nonrecourse debt allocations, §754 election for optional basis adjustments and §743/§734 mandatory basis adjustments

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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. 

Field(s) of Study: Taxes
  • More Info

    Learning Objectives

    Once participants have completed this session, they should be able to:

    ·       List the 3 main reasons for calculating a shareholder’s basis in a S corporation and partner/member’s basis in a partnership/LLC 

    ·       Calculate the stock and debt basis for S corporation shareholders

    ·       Calculate the basis for partners and members of a LLC 

    ·       Calculate losses allowed from at-risk activities

    ·       Review the Form 1120S and Form 1065 Schedule K-1s to determine how the line items affect basis calculations and get reported on the individual owner’s Form 1040

    Level

    Intermediate

    Prerequisites

    Basic understanding of individual income taxation.

    Marketing Info

    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

    ·       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

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The Tax Cuts and Jobs Act (TCJA) was a major overhaul of our tax system that lowered the income tax rates for individual and corporate taxpayers and introduced the new 20% qualified business income (QBI) deduction for sole proprietors and pass-through entities. The cornerstone of this course is the comprehensive discussion of the 20% QBI deduction final regulations under IRC §199A. 

Field(s) of Study: Taxes
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    Learning Objectives

    Once participants have completed this session, they should be able to calculate and explain the QBI deduction to their clients, colleagues and employees.​

    Level

    Intermediate

    Prerequisites

    Participants should have a basic understanding of tax returns in general and the Tax Cuts and Job Act in particular.

    Advanced Preparation

    None

    Marketing Info

    This session will spend the entire day covering the 20% qualified business income (QBI) deduction and final regulations under IRC §199A.  In addition, the course will review many other income tax provisions affecting the QBI deduction calculation with an emphasis on newly enacted income tax regulations, IRS notices and revenue procedures.  QBI topics include but are not limited to:

    ·       Detailed coverage of calculating the combined qualified business income amount (i.e., QBI component and REIT/PTP component)

    ·       Determine what trade or businesses under §162 are eligible for the QBI deduction (i.e., rentals and specified service trades or businesses (SSTB))

    ·       Discuss how the 20% QBI deduction (i.e., QBI component) is subject to a wage/capital limitation and SSTB income is phased-out for taxpayers with taxable income above the inflation adjusted threshold amounts

    ·       Walk through the simplified QBI Form 8995 (i.e., taxpayers below the TI threshold amounts) and detailed Form 8995-A and related schedules 

    ·       Determine what wages and unadjusted basis immediately after acquisition (UBIA) are for those subject to the wage and capital limitations

    ·       Look at what the definition of QBI is and what items are effectively connected with that trade or business (i.e., self-employment tax, health insurance, retirement plans)

    ·       Review the aggregation rules for the QBI computation and both the entity and individual level

    ·       Walk through the reporting responsibilities of partnerships and S corporations to their owners on the Schedule K-1s

    ·       Explain how the modifications to the net operating losses (NOLs) and §461(l) excess business loss limitations affect the QBI computation

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

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.  

Field(s) of Study: Taxes
  • More Info

    Learning Objectives

            Once participants have completed this session, they should be able to:

            ·       Form and liquidate an S corporation and determine any tax ramifications to the corporation and shareholders

            ·       Calculate the corporation’s initial inside basis in the assets and shareholder’s stock and debt basis

            ·       Understand how the schedule K items get allocated to the shareholders on their individual Schedule K-1 and the effect on a shareholder’s stock and debt basis

            ·       Prepare a Schedule M-2 and determine how distributions are treated to the shareholders

             

            Level

            Intermediate

            Prerequisites

            Basic understanding of and experience with taxation of S Corporations

            Advanced Preparation

            None

            Marketing Info

            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 (SECURE & CARES Act) 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 

            ·       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 & non-separately stated income and expense items

            ·       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 of a shareholder stock and debt basis and deductibility of losses

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          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 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

          Field(s) of Study: Taxes
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            Learning Objectives

            • Once participants have completed this session, they should be able to:

              ·       Compare and contrast the tax and non-tax advantages and disadvantages of the various IRAs (i.e. Traditional, Roth, SEP, SIMPLE and HSAs)

              ·       Calculate the maximum contributions to and taxable distributions from the various IRAs 

              ·       List the exceptions to the 10% early withdrawal penalty from IRAs

              ·       Explain the rules and compute the required minimum distribution (RMD) from the IRAs during an account owner’s life (i.e. turns age 72 ½) and after their death

            Level

            Intermediate

            Prerequisites

            Background in individual and business income tax law

            Marketing Info

            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 including the those made by the SECURE & CARES Act

            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 72 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 rules


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