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22WC-1119: S Corporation Taxation: Comprehensive - Form 1120S (Webinar)

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

Date Wednesday, February 1, 2023
Time 10:00am - 5:30pm
Central Time
Location Online
CPE credits CPE 8.0
Field(s)
of study
Taxes - Technical (8.0)
Fees
Standard Member Fee $289.00
Standard Nonmember Fee $389.00

Description

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.

Who should take this program?

Tax professionals.

Major subjects

  • Discuss all new legislative, administrative, and judicial changes affecting S Corporation and shareholders.
  • Learn how to qualify and to make the S Corporation election.
  • Learn the qualifications for S Corporation stock ownership.
  • Understand how to calculate initial and annual stock and debt basis amounts and the three reasons why they are maintained.
  • 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).
  • Understand the proper tax treatment and reporting of a distribution from the S Corporation to a shareholder.
  • Learn how to calculate the three S Corporation taxes.
  • Learn how to calculate AAA and OAA account for an S Corporation.
  • 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)

  • Identify how to form a qualified entity and elect S Corp status
  • Determine how to properly allocate income and loss items to shareholders on their individual Schedule K-1.
  • Calculate an S Corporations' initial basis in its assets as well as a shareholder's stock and debt basis in the S Corporation.
  • Recognize three main reasons for calculating a shareholder's basis in an S Corp.
  • 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.
  • Calculate the three major taxes attributable to S Corporations.
  • Learn how to calculate AAA and OAA account for an S Corporation.
  • Understand the impact of stock redemptions on the AAA and E&P accounts.
  • Review basic tax compliance requirements including all of the major S Corporation entity tax elections.

Notes:

Course code Code 22WC-1119
Sponsor CalCPA Education Foundation
NASBA ID#: 104822
Level Intermediate
Format Group Internet Based
Prerequisites Prereq. General knowledge in individual and S Corporation income taxation.
Advance
prep
None

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

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