• Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation
• Reporting Requirements for Schedules K-2 and K-3
• Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
• Gain a comprehensive understanding of income tax laws for S corporations from eligibility and election to tax return preparation, stock basis, and loss limitation issues
• Recognize and properly handle special pass-through items of income and expense
• Accurately prepare S corporation returns and reconcile book income to taxable income
• Accurately prepare partnership returns and reconcile book income to taxable income
• What the transactional method entails and how to report partners’ capital accounts under this method
• Properly handle the tax treatment of distributions to shareholders, partners, or members
• Understand the special restrictions and sanctions for tax year-end selection
• Review the basics of partnership and LLC formation and basis calculation
• Self-employment tax or NOT, for each entity
• Filling in K-1s correctly for S corporations, partnerships, and LLCs. Major changes in K-1 reporting on both partnership and S corporation forms and content
• The most frequently used forms and schedules, including some form “oddities”

All levels of staff and company controllers responsible for filing these forms