LEVEL I

Bookkeeping Basics

Every tax preparer and accountant somewhere along the lines needs to have a fundamental basic understanding of bookkeeping in order to ensure they are using the correct numbers when preparing a tax return or otherwise presenting financial information to their client. Unfortunately, clients are often underprepared and unable to complete this task successfully on their own due to the inherent complexities. This 6-part course will take you through 6 main elements of bookkeeping and accounting basics so you are able to have the confidence the information is properly assembled and accurate. This is also a great course to have anyone assisting you in this capacity attend, in order to have the best chance of providing accurate financial information. 

Value of $658.13

LLC, Sole Proprietorship, Partnerships, Qualified Joint Ventures

What is in a partnership and how it is started? Day 2 will cover the capital account, why a General Partnership agreement is important, UPE and Section 199A. There will also be a line by line review with real examples of Form 1065, Form K-1, and the General Partnership Agreement. This day will also cover the advantages, disadvantages, and which clients will benefit in becoming an LLC. 

Value of $438.90

C-Corporations

How do you form a corporation? This day will cover forming a corporation, business entities, advantages, disadvantages, ownership, structure and taxation. There will be a line by line review of Form 1120 with an example of filling it out directly on tax software. An explanation of dissolving or canceling a corporation, and fees or penalties will be covered during day 3.   

Value of $438.90

S-Corporations

What's the difference between Schedule C and S-Corporation? On this day you will learn advantages and disadvantages of becoming an S-Corporation, corporate structure, need for reasonable compensation, allocation of income, and tax savings. There will be examples of converting clients and a line by line review Form 1120S and Form K-1. You will have a class exercise on Shareholder basis and filling out form 2553. This will help you understand Shareholder’s stock basis and what causes it to adjust. We will cover an overview of form 2553, how to correctly filling out the S-Election form, and file late S-election.

Value of $438.90

LEVEL II ( Advanced - Must complete level I )

C-Corporations

Level two will advance C corporations issues and treatment. We will cover issues on paying income tax liability and estimated payments. We will also take a closer look into different issues affecting Net Operating Losses. Schedules C, J, K, L, M-1 and M-2 will be covered line by line.

Value of $493.82

Partnerships

This day will focus on complex and mixed partnerships, we will discuss the implications of selling partnership assets both for gains and losses; we will see in detail Guaranteed Payments for both Service and Capital. We will review all forms referred to on form 1065, including the new forms K2 and K3. We will also prepare a tax return based on the sample financial statements using Drake Software for a partnership and one partner’s personal return to demonstrate the use of UPE.

Value of $493.82

S-Corporations

We will take our level I example and introduce more complex issues surrounding S corporations shareholders, their reasonable salary and K1 income, and how distributions as taxed. We will determine the ordering rules for basis adjustments, compute the shareholder's stock basis, and recognize the difference between taxable and nontaxable fringe benefits for S corporations.

Value of $493.82