OBJECTIVE
To provide accountants with 3+ years of experience on a tax department career path with comprehensive three day tax training course. Coverage includes Advanced S Corporation detailed case studies and issues, comprehensive coverage and detailed case studies of advanced partnership and limited liability company tax issues, and an overview of multi-state taxation. All recent tax legislation will be emphasized throughout this course as well as any new legislation enacted prior to the presentation date.

Participants will be able to

• Advise clients on all tax issues and planning opportunities relating to S Corporation formation, return preparation compliance, basis, distributions, and liquidation
• Plan for the formation, operation, and liquidation issues for partnerships and LLCs
• Identify and handle issues for multi-state tax planning and compliance

Advanced S Corporation Tax Training

• What are new rules and planning opportunities using QSUBS
  
• New classes of eligible shareholders open S Corporations to new planning ideas
  
• BIG Tax - chopping it down to size
  
• Recurring and emerging return preparation issues
  
• Unreasonably low compensation – still a big problem with IRS
  
• Understanding the complex issues on calculating shareholder basis and AAA
  
• Distributions - when unequal is really equal
  
• S Corporation losses - basis problem caused by a post-1994 election
  
• Liquidating an S - when do you have problems

Advanced Partnership and Limited Liability Company (LLC) Tax Training

• Formation issues including §704(c) precontribution appreciated assets
  
• Treatment of recourse versus non-recourse debt basis
  
• Understanding “substantial economic effect” and special allocations
  
• Proper handling of fringe benefits on Form 1065
  
• IRS guidance on self-employment tax for partners in a partnership and members of LLCs and LLPs
  
• Calculate basis limitations and its implication on each partner's own tax return
  
• Handle passive activity loss situations as it applies to partnerships and LLCs
  
• New regulations for handling basis step ups under §754 elections
  
• Partnership distributions – current or liquidating, cash or property
  
• Understanding Family Limited Partnerships as a planning tool
  
• Comparison with LLCs, LLPs, and S Corporations

Overview of Multi-State Tax Issues and Planning

• Summary of payroll, property, and sales factor allocation methods
  
• Understanding “apportioned income” and “allocated income” differences
  
• Factors for determining nexus
  
• Current developments are emphasized throughout this course