January 7, 2021 8:00am – 3:30pm Map & Directions 602-252-4144

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

Description

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.

Location

ASCPA Learning Center
4801 E Washington St Ste 180
Phoenix, AZ 85034-2040

Registration Time

7:30am

Fees

Member:
$300
Non-CPA Staff:
$400
Non-CPA Staff (100% club):
$300
Non-CPA Staff (sole proprietor):
$300
Non-Member:
$400
Phoenix
Taxation
8

Objectives

  • 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.

Course Level

Intermediate

Vendor

Surgent McCoy CPE, LLC More With This Vendor

Designed For

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

Prerequisites

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

Event Leaders

Jenson, Joshua R.

Rating: 4.80


Joshua Jenson has 27 years of public accounting experience in the area of tax, specializing in LLC, partnership, S corporation and related individual tax matters. He is managing partner of Jenson & Company, CPAs, P.C., which he founded 22 years ago. His firm is known for a boutique service approach, with a focus on tax planning and strategies. Jenson is a member of the Oklahoma Society of CPAs (OSCPA), the Oklahoma City Chapter of the OSCPA and the American Institute of CPAs. He serves as Trustee and Chairman of the Educational Foundation and is a public speaker for the OSCPA. Jenson received the 2014 Distinguished CPA Award from the OSCPA in recognition of his involvement in the community and activism in the accounting profession. Offering expert insight on tax issues, Jenson has appeared in numerous Oklahoma TV news interviews and been quoted in several Oklahoma newspaper articles. For over 9 years he was a weekly guest during tax season on a local talk radio station, where he grew to be known as “JJ the CPA.” Jenson is also an insurance agent with MassMutual, servicing clients through Jenson Insurance Group, specifically with life and disability income insurance needs as part of long-term, generational tax strategies. During his first year of practice, MassMutual ranked him eighth in the country for first-year agents, and named him Rookie of the Year for MassMutual in Oklahoma. He is licensed in Oklahoma, Texas, Kansas, Washington, Illinois, and New Jersey. Jenson graduated from Abilene Christian University with an accounting degree in 1993, and is a licensed CPA in Oklahoma and Texas.


More With Jenson, Joshua R.

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.

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