From Trial Balance to Tax Return: A Boot Camp for Business Returns - VIRTUAL
16.00 Credits
Member Price $500
Non-Member Price $200
Overview
Lecture presentation plus accompany power point slides. This course is designed to instruct the student how to take a completed trial balance, determine missing items and additional basic needs to prepare Form 1120, 1120S or 1065. It will address adjusting entries, book-to-tax adjustments and taxable versus non-taxable items. It will then explain how to enter the information on the tax forms, while illustrating completed forms and individual specific requirements of each filing format. It will also explain flow-through item concepts, basis and capital accounts. At the conclusion the student will be able to complete a basic business tax return for a corporation or flow through entity.
Prerequisites
None
Objectives
This course is designed to walk the student from raw client records, through determining missing and incorrect information and completing basic C corporation, S Corporation and partnership tax returns. We will illustrate book-to-tax adjustments in the equity section of the tax returns, distributions, basis, and capital accounts, as well as AAA, OAA and similar equity accounts.from Congress, as well as other relevant IRS Notices, announcements, rulings, and court cases for individuals. Participants will be able to explain changes affecting expiring federal tax provisions, income & deduction issues, IRAs, retirement distributions & penalties, passive activities, and unusual items such as passive activities. The course will cover the most common 1040 issues and will provide attendees with practical, hands-on tools for the upcoming season.
Preparation
None
Leader(s):
Leader Bios
Terry Bakker, TaxSpeaker
Terry O’Leary Bakker CPA, EA, LTC 67985-C is the owner of O’Leary’s Tax Service, Ltd. in downtown Vancouver, Washington, across the river from Portland, Oregon. Terry graduated with her BS in Business Administration: Accounting from Portland State University in 1988 and has worked in tax ever since. Terry is an Enrolled Agent and a CPA licensed in Washington and Oregon. In addition to running an active tax practice serving the needs of individuals and small business, Terry has a commitment to the profession. She is a Past President of the Oregon Association of Independent Accountants, as well as holding other positions, including head of the Education Committee. As part of her commitment, she teaches the Enrolled Agents Preparation course for her Association and has spoken for all of the tax preparation associations in Oregon.
Non-Member Price $200
Member Price $500