20WC-1535: S Corporation Taxation: Comprehensive (Form 1120S) (Webinar)
If you have questions about this event, please call us at 952-831-2707.
Wednesday, January 27, 2021
10:30am - 6:00pm Central Time
8 CPE (8 technical)
Get a comprehensive review of the laws and regulations impacting S Corporations. Be prepared to handle the IRS' 2017 announcement that targets the improper reporting and calculations of stock basis.Course topics cover issues surrounding reasonable compensation, distribution taxation, the use of Qualified Subchapter S Subsidiaries, allocation of annual operational income and loss and proper methods for calculating basis of stock and debt calculations. Learn how to properly prepare a Form 1120S by addressing difficult compliance issues and common errors.
Major subjects
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Emphasize any new legislative changes affecting S Corporation and shareholders
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Review the Form 1120S and discuss how items get reported on the S Corporation tax return (i.e., page 1 versus Schedule K) and flow-thru to the shareholders on their schedule K-1
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Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual's Federal income tax return and how the items affect the shareholder's stock and debt basis
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Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the shareholders
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S Corporation formation issues under IRC Section 351
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Tax ramifications and reporting of distributions at the S Corporation level including when the S Corporation has prior C Corporation earnings and profits (EP)
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Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, OAA, PTI and EP accounts
Learning objective(s)
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Identify how to form an S Corp and calculate its initial inside basis in the assets and shareholder's stock and debt basis.
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Show how to prepare a basic S Corp (Form 1120S) Schedule K and Schedule M-2, including the reporting of cash and non-cash distributions.
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Determine how Schedule K items get allocated to the shareholders on their individual Schedule K-1.
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Recognize three main reasons for calculating a shareholder's basis in a S Corp.
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Calculate a shareholder's stock and debt and determine if losses and deductions are limited on their individual income tax return.
Who should take this program?
Tax professionals.
Fees
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$400.00
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Standard Member Fee |
$295.00
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Standard Nonmember Fee |
$400.00
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