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10645, 11-20S Business tax returns

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    10645, 11-20S Business tax returns

    As always, thank you in advance for any input I can receive from this great community. I've prepared about 400 tax returns, a lot of schedule Cs, but I want to get into preparing more business tax returns like 1065s and 1120s returns. What resource did you use to learn how to prepare business tax returns? I currently use proseries, but what I am referring to is how did you learn it? Thanks!

    #2
    Several ways. I did a lot of reading. I took an online course (don't remember from whom - maybe NATP). I reviewed some returns prepared by others and researched anything I didn't understand. I belong to an e-mail group of people all over the country and I would ask questions of them. I asked on forums like this one.

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      #3
      Understanding accounting and how different types of accounts work together will go a long way in understanding business returns. If clients don't understand accounting (most don't) preparing a return on financials they give you gives a high probability of incorrect tax returns. If you understand accounting you will recognize errors they made and what needs to be done to fix them before preparing returns.

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        #4
        I learned a lot preparing initial year returns for small partnerships and S-corporations. Their beginning balance sheet was all zeros, so I could see how things flow. I've used colored highlighters on Schedule L to track where numbers originated, which numbers need to "match," etc. Done the same with prior year returns for new clients. My weak spot was/still is the balance sheet. I had to learn how things should flow on the tax return. But, if you are not doing the bookkeeping, you still have to learn bookkeeping to "clean up" their books. (I have clients give me a back-up of their books/QB, so I can drill down and often answer my own questions.) Look for webinars/classes in bookkeeping as well as in partnership and S-corporation tax preparation. Find a local mentor, perhaps someone retired or retiring. Study the example returns in TTB that are thorough and start with the company info and continue all the way through to the finished return. There are message boards just for partnership taxes and just for S-corp taxes. Use the Help function in your software. Ask questions here and elsewhere. Pay an experienced preparer to review your work or to walk you through a difficult return.

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