Revised Federal Forms 1120 and 1065: Meeting the New IRS Demands
Compliance Strategies for Obtaining and Reporting Detailed Ownership Information
Recording of a 100-minute CPE/CLE webinar with Q&A
This seminar will bring corporate tax staff and their advisors up to date on the new requirements for Form 1120 and Form 1065, review the compliance challenges facing businesses, and outline steps to fine tune compliance efforts.
Outline
- Form 1120 revisions
- Changes to Schedule K for direct and indirect ownership structures
- New Schedule B for Schedule M-3 filers
- Cost allocation and cost sharing arrangements
- Transfers of interest
- Other schedules, reporting information
- Form 1065 revisions
- New Schedule B, new ownership disclosures
- New Schedule C, for cost sharing and changes in accounting methods
- Changes to Schedule K-1
- Other schedules, reporting information
- Necessary compliance changes to correctly file Forms 1120 and 1065
- Meeting IRS goal of increased transparency of ownership and relationships among entities
- Establishing ongoing structures to gather necessary information
Benefits
The panel will brief corporate tax staff and their advisors on how to handle these and other challenges with the revised schedules:
- Mastering the new ownership standards: How direct and indirect ownership must be reported and when it meets the government's thresholds.
- Complying with other Form 1120 requirements: Processes to gather needed data on allocations, transfers of interest, cost-sharing and changes in accounting methods.
- Meeting additional Form 1065 demands: Establishing compliance with cancelled debt, like-kind exchanges, related-party transactions, allocations, partners' share of profits and other issues.
Faculty

Jim Calzaretta
Partner
Deloitte
He is the head of the S Corp Tax Practice in the firm's Washington National Tax Office. He specializes in tax... | Read More
He is the head of the S Corp Tax Practice in the firm's Washington National Tax Office. He specializes in tax accounting for partnerships, S corporations and pass-through entities.
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Rick Olson
Principal, Corporate Tax
Larson Allen
He leads Larson Allen’s Tax Outsourcing Practice, and has prior experience as Tax Director at Land O’Lakes... | Read More
He leads Larson Allen’s Tax Outsourcing Practice, and has prior experience as Tax Director at Land O’Lakes Inc. and Secure Computing Corporation. He has extensive experience in federal and state taxation, and is the former president of the Minnesota Chapter of Tax Executives Institute.
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Jamie Lewis
Senior Tax Manager
Clifton Gunderson
He has more than ten years of experience, including several years with a “Big 4” accounting firm. He... | Read More
He has more than ten years of experience, including several years with a “Big 4” accounting firm. He provides tax planning and compliance, multi-state, FAS 109 and other consulting services to prominent middle market businesses and Fortune 500 companies.
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Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.
On-Demand Seminar Audio