Proper preparation of Form 1120S and Schedule K-1 is more important than ever in this climate of increased IRS penalties, enforcement and focus on S corporation abuses. Written and reviewed by experienced practitioners to provide the practical insights and tax return preparation tips that only years of practice can provide, the 2008 edition (our 18th!) has been updated to include coverage of:

• Updated the Deskbook for important business tax changes made by the 2008 Extenders Act, including tax credit extensions, enhanced charitable contribution deductions, bonus deprecation and Section 179 deduction for disaster areas, and new write-off for disaster-related demolition, cleanup and repair expenses.
• Discusses the 2008 Economic Stimulus Act’s enhancement of the Section 179 deduction for tax years beginning in 2008, and the 50% bonus depreciation deduction for qualifying assets placed in service during calendar year 2008.
• Explains the Section 179 trap for fiscal-year S corporations, which can cause a calendar year shareholder to lose part or all of the increased deduction amount.
• Incorporates regulations revising the rules for deducting start-up costs under IRC Sec. 195 and organizational expenses under IRC Sec. 248.
• Explains how charitable contributions of appreciated property affect shareholder basis and AAA following changes by the 2008 Extenders Act.
• Discusses recent IRS guidance clarifying the effect of life insurance premiums and proceeds on shareholder basis and AAA.
• Explains the rules for obtaining an automatic filing extension under the recent regulations.
• Includes updated coverage of the return preparer penalties, including replacement of the “more likely than not” by the substantial authority standard by the 2008 Extenders Act, and interim guidance and regulations issued by the IRS during 2008.
• Includes new/revised due diligence, long-form, and short-form return preparation checklists; new checklists for preparing initial and final tax returns; a new Form 1120S organizer with transmittal letter; and a revised tax return preparation engagement letter.

The unique roadmap feature enables you and your staff to effectively identify future engagement and tax savings opportunities for your clients by reviewing their completed tax return.

PPC’s Tax Practice Aids™ in Word and Excel

• Introducing the next generation of tax efficiency tools! Get all of the editable practice aids in PPC’s 1120S Deskbook (including engagement letters, checklists, worksheets, elections (with requirements explained), and other practice management resources delivered in convenient Microsoft Word and Excel templates--and save hours of preparation and review time!
• No need to retype practice aids into MS Word.
• Easy to edit and customize.
• Built-in functionality and features to reduce preparation and review time.
• Electronic format facilitates less-paper workflows making it easy to access client data.
• Easily link to PPC’s 1120S Deskbook for additional targeted expert guidance.
• MS Word and Excel platform eliminates learning curve and staff training costs.
• Pick and choose the templates you need or use them all--with or without the related PPC Deskbook. It’s up to you!

PPC’s Tax Practice Aids™ in Word and Excel are a separate purchase and are not included with subscriptions to PPC’s 1120S Deskbook. For descriptions of all available tax practice aid templates, or to view a Quick Tour, visit http://ppc.thomson.com/epatax.

Integration with UltraTax CS Form Software from Creative Solutions. Now subscribers of UltraTax CS Form 1120S software and PPC's 1120S Deskbook can go directly from any tab section on any input screen to the relevant key issues, practice aids and illustrations in the Deskbook – with the click of a button! Take advantage of the integration between UltraTax CS, other practice management and engagement software from Creative Solutions, and PPC's 1120S Deskbook:

• Confidently resolve complex tax issues;
• Easily and efficiently verify the accuracy of information on a return;
• Review a client’s prior year returns for tax saving opportunities;
• Manage client risk;
• Proactively identify future tax planning engagements; and
• Move one step closer to a paperless tax office.

For information on UltraTax CS software or to view a demo of the integration with PPC's 1120S Deskbook, visit http://cs.thomson.com/tax/quicklook.aspx and click on the PPC Deskbooks link.

For Sales, call 800.323.8724, option 1.