search

Instructor : J Patrick Garverick

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

    • 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

  • Events
Show less keyboard_arrow_up

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
  • More Info

    Learning Objectives

    • 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

  • Events
Show less keyboard_arrow_up

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
  • More Info

    Learning Objectives

    • 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

  • Events
Show less keyboard_arrow_up

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
  • More Info

    Learning Objectives

    • 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

    Advanced Preparation

    None

  • Events
Show less keyboard_arrow_up

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

    • 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

    Advanced Preparation

    None
  • Events
Show less keyboard_arrow_up

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

    • 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.

    Advanced Preparation

    None

  • Events
Show less keyboard_arrow_up

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
  • More Info

    Learning Objectives

    • 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

  • Events
Show less keyboard_arrow_up

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

    • 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

  • Events
Show less keyboard_arrow_up