Forms 1120S and 1065 Return Review Boot Camp for New and Experienced Reviewers - Webcast
Overview
Most review techniques developed by professionals are self-taught and fine-tuned via experience. Yet how does one start? The purpose of this course is to give both new and seasoned reviewers additional and advanced procedures via a multitude of checklists to more thoroughly review S corporation and partnership tax returns. Its emphasis is not planning; rather, it is to develop a strategy to properly review a return effectively and thoroughly. The course includes dozens of “practice tips for new reviewers” and is updated for impacts of newly enacted legislation.
NOTE: This course qualifies for IRS CE (PTIN) credit. To receive IRS CE credit, please email your PTIN to profdev@orcpa.org at the end of the course. Surgent will report credit at the end of each quarter.
If you have questions, you can contact Professional Development at 503-641-7200, ext. 3 or email profdev@orcpa.org.
Highlights
- Reviews of portions of error-prone "staff-prepared" Forms 1120-S and 1065 from client-provided information
- What are common errors preparers make and what are the areas generating malpractice claims?
- Initial administrative groundwork
- The importance of Schedule M-1. Learn how various schedules are related and learn how to self-review
- Reporting requirements and filing exceptions for Schedules K-2 and K-3
- Don't fall prey to reporting oddities
- When can seemingly separately stated Schedule K items actually be trade or business items to report on Forms 1120-S or 1065?
- Form 1120-S - What exactly is terminating S elections today?
- How do I recognize a second class of stock? Maintaining shareholder basis schedules; beware of final IRS regulations regarding "open debt"; the default method of calculating basis versus the election under §1367; can an S corporation distribute earnings and profits from C corporation years?
- Form 1065 - New tax reporting requirement for partners' capital balances
- Why use §704(b) to maintain capital accounts; §704(c) regulations for preventing the shifting of tax consequences among partners or members; allocating recourse, nonrecourse, and qualified nonrecourse debt; a review of §754 step-up in basis rules
- Multiple checklists of efficient procedures to identify potential issues on an 1120-S or 1065 tax return
Prerequisites
Experience in preparing Forms 1120-S or 1065, reviewing diagnostics, and preparing workpapers
Designed For
Senior-level staff new to the review process or experienced staff members looking to update and/or expand their review procedures
Objectives
- Expand the process involved in reviewing applicable tax return
- Identify the most common areas that result in errors
- Document a review, including consideration of risk management
Leader(s):
Leader Bios
Robert Henkels, Surgent CPE
Robert J. Henkels, CPA, is the president of Professional Tax & Accounting Seminars, Inc. He is also a shareholder in a CPA firm with a diverse client base and has been a highly rated discussion leader for the past 33 years for various organizations. Mr. Henkels has 39 years of practical public accounting experience with national, regional, and local CPA firms. Mr. Henkels served as an adjunct professor at Wheeling Jesuit University in the M.B.A. program, La Roche University, Duquesne University, University of Maryland, and Montgomery College. He also served as an assistant professor at the Indiana University of Pennsylvania for three years. He has also authored various continuing professional education courses and written numerous articles for newspapers and magazines. He earned his bachelor's degree in accountancy from the University of Maryland, master's degree in educational administration from Northern Illinois University and a bachelor's degree in education with a math/psychology concentration from Northern Illinois University. He is an active member of the AICPA and the PICPA.
(Rev. 2/14/23)
Non-Member Price $395.00
Member Price $315.00