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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

  • Emphasize any new legislative changes affecting S Corporation and shareholders
  • 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
  • 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
  • Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the shareholders
  • S Corporation formation issues under IRC Section 351
  • Tax ramifications and reporting of distributions at the S Corporation level including when the S Corporation has prior C Corporation earnings and profits (EP)
  • Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, OAA, PTI and EP accounts

Learning objective(s)

  • Identify how to form an S Corp and calculate its initial inside basis in the assets and shareholder's stock and debt basis.
  • 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.
  • Determine how Schedule K items get allocated to the shareholders on their individual Schedule K-1.
  • Recognize three main reasons for calculating a shareholder's basis in a S Corp.
  • 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

Our records indicate you are a nonmember. If you register, you will be charged $400.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.
Standard Member Fee $295.00
checkmark Standard Nonmember Fee $400.00

More program information

Location Online
Area
of study
Taxation
Field(s)
of study
Taxes - Technical (8.0)
Level Intermediate
Format Group Internet Based
Sponsor CalCPA Education Foundation
NASBA ID#: 104822
Prerequisites Prereq. General knowledge in individual and S Corporation income taxation.
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business days before the event start date. Learn more

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If you have questions about this event, please call us at 952-831-2707.