22WC-1119: S Corporation Taxation: Comprehensive - Form 1120S (Webinar)
If you have questions about this event, please call us at 952-831-2707.
Wednesday, February 1, 2023
10:00am - 5:30pm Central Time
8 CPE (8 technical)
Obtain a comprehensive review of the laws and regulations impacting S Corporations. Be updated on the IRS' compliance campaign that targets the improper reporting and calculations of stock basis and distributions. Learn how to properly calculate and then report critical S Corporation tax items that generate most IRS audit adjustments. Course topics cover issues such as S Corporation qualifications, making and keeping the S election, reasonable compensation, taxation of distributions, the use of Qualified Subchapter S Subsidiaries, allocation of annual operating income and loss, S Corporation tax reporting elections and learning the proper method to calculate the basis of stock and debt amounts.
Major subjects
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Discuss all new legislative, administrative, and judicial changes affecting S Corporation and shareholders.
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Learn how to qualify and to make the S Corporation election.
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Learn the qualifications for S Corporation stock ownership.
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Understand how to calculate initial and annual stock and debt basis amounts and the three reasons why they are maintained.
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Understand the four loss limitation rules applied on the shareholder's individual income tax return (I.e., basis, at-risk, passive, and excess business loss limitations).
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Understand the proper tax treatment and reporting of a distribution from the S Corporation to a shareholder.
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Learn how to calculate the three S Corporation taxes.
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Learn how to calculate AAA and OAA account for an S Corporation.
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Determine the impact of health insurance, the net investment income tax, qualified business income tax deduction and unreasonable compensation issues on the reporting function of the S Corporation.
Learning objective(s)
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Identify how to form a qualified entity and elect S Corp status
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Determine how to properly allocate income and loss items to shareholders on their individual Schedule K-1.
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Calculate an S Corporations' initial basis in its assets as well as a shareholder's stock and debt basis in the S Corporation.
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Recognize three main reasons for calculating a shareholder's basis in an S Corp.
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Calculate annual adjustments to a shareholders' stock and debt basis and determine if losses and deductions are limited on the shareholders' individual income tax return.
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Calculate the three major taxes attributable to S Corporations.
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Learn how to calculate AAA and OAA account for an S Corporation.
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Understand the impact of stock redemptions on the AAA and E&P accounts.
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Review basic tax compliance requirements including all of the major S Corporation entity tax elections.
Who should take this program?
Tax professionals.
Fees
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you are a
nonmember.
If you register, you will be charged
$389.00
(Standard Nonmember Fee).
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Standard Member Fee |
$289.00
|
Standard Nonmember Fee |
$389.00
|