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 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.
Experience in preparing Form 1120S, reviewing diagnostics, and preparing workpapers
- 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
- What are common errors preparers make and what are the areas generating malpractice claims? Initial administrative groundwork Maintaining shareholder basis schedules Beware of final IRS regulations regarding "open debt" The default method of calculating basis, versus the election under 1367 Recognizing how AAA applies or doesn't apply to S corporations Can an S corporation distribute earnings and profits from C corporation years? What exactly is terminating S elections today? How do I recognize a second class of stock? The importance of Schedule M-1 Previously Taxed Income was changed in 1983; how can I still have it on Schedule M-2? * When can seemingly separately stated Schedule K items actually be trade or business items to report on Form 1120S, page 1?