Tax Forms Boot Camp: LLCs, Partnerships, and S Corporations

Performing a payroll reconciliation is an essential step to ensure that all payroll transactions, including earnings, deductions, and tax withholdings, are accurate. We will show you step-by-step how to perform payroll reconciliation.

Original price was: $399.00.Current price is: $329.00.

Major Topics:

  • Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation
  • Reporting Requirements for Schedules K-2 and K-3
  • Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
  • Gain a comprehensive understanding of income tax laws for S corporations from eligibility and election to tax return preparation, stock basis, and loss limitation issues
  • Recognize and properly handle special pass-through items of income and expense
  • Accurately prepare S corporation returns and reconcile book income to taxable income
  • Accurately prepare partnership returns and reconcile book income to taxable income
  • What the transactional method entails and how to report partners’ capital accounts under this method
  • Properly handle the tax treatment of distributions to shareholders, partners, or members
  • Understand the special restrictions and sanctions for tax year-end selection
  • Review the basics of partnership and LLC formation and basis calculation
  • Self-employment tax or NOT, for each entity
  • Filling in K-1s correctly for S corporations, partnerships, and LLCs. Major changes in K-1 reporting on both partnership and S corporation forms and content
  • The most frequently used forms and schedules, including some form “oddities”

Learning Objectives

  • Learn in detail about the preparation of Form 1120S, Schedules M-1, K, and K-1
  • Learn in detail about the preparation of Form 1065, Schedules M-1, K, and K-1
  • Identify and handle commonly found S corporation and partnership tax issues
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