Form 1120

Event Details:                                                                                                                                                           printer-friendly page

The IRS is going to require substantial ownership documentation on Forms 1120 and 1065 filed in 2009. Additionally, for Form 1065, the IRS issued revisions to Schedules B, C, and K-1. Under this new guidance, companies will be required to provide enhanced transparency with respect to their positions in affiliated companies, and how they manage transfer pricing and other related accounting issues. The new guidance also steps up the reporting requirements of partnerships requiring them to provide much more detail with respect to how much each party owns and how they report certain kinds of debt.

During this live webcast, our team of tax experts will walk you through each form helping you to understand what’s new and what’s important. To keep you on track, we’ll also walk you through some of the most significant compliance issues. Corporate tax executives and advisors need to understand how to address the challenges that come with these revisions and how to plan compliance. The Knowledge Group is assembling a panel of distinguished professionals and key regulators to help companies understand these new changes. The speakers will share their expert opinions in a two-hour LIVE Webcast.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 1.75 - 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date.)
Advance Preparation: Print and review course materials
Course Code: 093927
Recording Fee: $299 (Please click here for details)
NASBA Sponsor Number: 109004

 

Featured Speakers for Changes to Form 1120 and Form 1065 live webcast:


Proposed Agenda (click here to view more)
SEGMENT 1:


Rick Olson, C.P.A., Tax Principal, Manufacturing and Distribution,
LarsonAllen LLP

- Ownership Reporting, Form 1120, Schedule K -
    - Learning objectives
    - Understand the:
        - Reporting requirements
        - Definition of constructive ownership
    - Identify compliance issues

- Agenda
    - Why?

- When are the requirements applicable?

- What is to be reported?
    - By the numbers (line numbers)
    - Constructive Ownership Defined / Examples
        - Between the Lines - Issues

SEGMENT 2:


Glenn E. Dance, National Tax - Joint Venture & Partnership Tax Services,
Ernst & Young LLP

** Speaker Talking Points to be added soon.. **

SEGMENT 3:


Colleen McHugh, Manager, Passthroughs, National Tax Office,
Deloitte Tax LLP

Form 1065 Schedule K-1 Item J

- Determination of partner's shares of profits, losses, and capital
    - IRS FAQ
    - Inconsistency between instructions and IRS FAQ - instructions state that total percentage in each
      category must equal 100% and IRS FAQ state that the total percentage can equal 0%
    - IRS had indicated the use of section 704(b) capital accounts is "gold standard" but they
      acknowledge that other basis (i.e., GAAP) may be appropriate
    - What if there is a change in ownership during the year?
        - Cannot show "various"
    - What if there is a change in the reasonable method used to calculate the ownership
      percentages?

SEGMENT 4:


Andrew W. Ratts, Partner,
Winston & Strawn LLP

- Changes to Schedule B -- uses of additional information requested
- New Schedule C -- uses of additional required disclosure



LarsonAllen LLP
Rick Olson, C.P.A.
Tax Principal, Manufacturing and Distribution
speaker bio »»

Ernst & Young LLP
Glenn E. Dance
National Tax - Joint Venture & Partnership Tax Services
speaker bio »»

Deloitte Tax LLP
Colleen McHugh
Manager, Passthroughs, National Tax Office
speaker bio »»

Winston & Strawn LLP
Andrew W. Ratts
Partner
speaker bio »»

Who Should Attend?

- CPAs
- Accountants
- Corporate tax Executives
- Tax Adivsors / Consultants
- Tax Attorneys
- Senior Corporate Executives
- Tax Compliance Officers

Why Attend?

This is a must attend event for corporate tax executives/ advisors to hear and better understand the latest developments surrounding Form 1120 and Form 1065.
- Detailed guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Registration Information:                                                                                                                                    


 

 

 

 


Changes to Form 1120 and Form 1065: Best Practices and Strategies for Corporate Tax Executives and Advisors
Speaker Firms:


LarsonAllen LLP








 

The Knowledge Conference is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba.org


 

We are an approved multi-event sponsor in the state of California. Our provider ID is: 14451. In Texas, Illinois, and Virginia, we submit programs for individual approval in advance. In all other states, once attendance is verified, participants are emailed an official certificate of attendance which they submit to their respective State Bar Associations. Our programs are created with continuing education in mind and are therefore designed to meet the requirements of all State Bar Associations. If you have any questions, please email our CLE coordinator at: info@knowledgecongress.org

Attention New York Attorneys:

This program is approved for CLE credit under New York’s Approved Jurisdiction policy. The Knowledge Group, LLC is an approved sponsor in the state of California, a New York Approved Jurisdiction. This program fulfills the non-traditional format requirement of exceeding 60 minutes in length. Please note only experienced attorneys (more than 2 years) are eligible to receive CLE credit via non-traditional format learning platforms. The Knowledge Group will verify attendance during the webcast via secret words (3 per credit hour) and by auditing attendees log in and log out records. All verification instructions will be provided during the webcast. Once attendance verification requirements have been completed, the attendee will be issued a certificate of attendance be The Knowledge Group for the course with the recommended number of credit hours. The Certificate of Attendance is normally sent via email in 24 hours or less.

To Claim Your CLE Credits:

The attorney should simply include credits earned via Knowledge Group webcasts when computing the total number of CLE credits completed, and keep the Knowledge Group Certificate of Attendance for a period of at least four (4) years in case of audit. An attorney may count towards her/his New York CLE requirement credit earned through the Approved Jurisdiction policy without notifying the CLE Board.

To learn more about New York’s Approved Jurisdiction policy. Please visit: http://www.nycourts.gov/attorneys/cle/approvedjurisdictions.shtml



 
Enrolled Agents Sponsor ID Number: 760

We have entered into an agreement with the Office of Professional Responsibility, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the Office of Professional Responsibility as to the quality of the program or its contribution to the professional competence of the enrolled individual.