November 18, 2025

Live Webcast

NYSED 8

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

November 18, 2025
Live Webcast
NYSED 8

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

  • View Bio

    Instructor

    Robert
    Henkels

    View Bio

    Robert Henkels

    Bio
    Coming soon.
  • Reviews of portions of error-prone “staff-prepared” Forms 1120-S and 1065 from client-provided information
  • Be aware of legislative changes
  • How to reduce input errors. When and how to rely on third-party data import software
  • What are common errors preparers make and what are the areas generating malpractice claims?
  • Initial administrative groundwork
  • The importance of Schedule M-1. Learn how various schedules are related and learn how to self-review
  • Overview of new Schedules K-2 and K-3
  • 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 1120-S or 1065?
  • Form 1120-S – 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 – New tax reporting requirement for partners’ capital balances
  • 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
  • Discussion of more complex transactions included in corporate structures
  • Multiple checklists of efficient procedures to identify potential issues on an 1120-S or 1065 tax return

Learning 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

Major Topics

  • Reviews of portions of error-prone “staff-prepared” Forms 1120-S and 1065 from client-provided information
  • Be aware of legislative changes
  • How to reduce input errors. When and how to rely on third-party data import software
  • What are common errors preparers make and what are the areas generating malpractice claims?
  • Initial administrative groundwork
  • The importance of Schedule M-1. Learn how various schedules are related and learn how to self-review
  • Overview of new Schedules K-2 and K-3
  • 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 1120-S or 1065?
  • Form 1120-S – 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 – New tax reporting requirement for partners’ capital balances
  • 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
  • Discussion of more complex transactions included in corporate structures
  • Multiple checklists of efficient procedures to identify potential issues on an 1120-S or 1065 tax return

CPE Credits Available

NYSED 8
8
Taxation (NYSED) - NYSED

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Taxation (NYSED)

Prerequisites

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

Advanced Preparation

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

Intended Audience

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

Provider

Surgent McCoy CPE LLC

This event has ended.