CPE Course Forms 1120S and 1065 Return Review Boot Camp for New and Experienced Reviewers

December 7, 2021

9:00am — 4:45pm

Location

Member Price $259.00Register after November 16 and pay $279.00
Non-member Price $359.00Register after November 16 and pay $379.00

Curriculum Taxation

Field of Interest Taxes (Technical)

Level Intermediate

Designed For

Senior-level staff new to the review process or experienced staff members looking to update and/or expand their review procedures

 

Objective

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.

  • Expand the process involved in reviewing applicable tax returns
  • Identify the most common areas that result in errors
  • Document a review, including consideration of risk management
  • Highlights

  • Reviews of portions of error-prone “staff-prepared” Forms 1120S 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
  • 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 1120S or 1065, page 1?
  • Form 1120S – 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 – 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 1120S or 1065 tax return
  • Instructors

    Deborah A. Phillips

    Deborah A. Phillips, CPA, MST, operates her own tax controversy practice where she specializes in partnership and S corporation tax law as well as IRS audits and procedures. Debbie has been very successful petitioning and resolving tax issues under the jurisdiction of the United State Tax Court. She is proficient in the Section 199A provisions and computations as well as all aspects of the Tax Cuts and Jobs Act of 2017. She works with various CPA firms during tax season preparing all types of tax returns. In addition, she utilizes her forensic accounting skills for tax preparation of clients involved in potential IRS criminal prosecution. Debbie retired from the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS), where she was a Senior Manager in the Flow Through Issue Practice Group (IPG). The IPG specializes in S corporation and partnership tax issues for LB&I. Debbie worked for the IRS for over 32 years. She has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations and Technical Assistant to the Deputy Commission International, the Technical Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry, and the IRC Section 263A Technical Advisor. Debbie taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for approximately 20 years as well as a textbook author. In 2015 through 2018, she received the Surgent Outstanding Discussion Leader Award because of her consistently high evaluations for knowledge and presentation skills. Debbie earned her master’s degree in taxation from Widener University.close

    Prerequisites

    Experience in preparing Forms 1120S and 1065, reviewing diagnostics, and preparing workpapers

    Developer

    Surgent McCoy CPE, LLC

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