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23WA-440A: S Corporation Preparation, Basis Calculations & Distributions: Form 1120S Schedule K & K-1 Analysis (Webinar)

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

Tuesday, February 27, 2024
9:00am - 4:40pm Central Time
8 CPE (8 technical)  |  8 IRS CE

Alternate dates & more options

  • Tuesday, August 20, 2024 - Webinar
  • Thursday, September 5, 2024 - Webinar

This comprehensive training is designed to get the accountant up to speed quickly with S corporation formation and preparation issues as well as a complete understanding of calculating a shareholder's stock and debt basis. The cornerstone of this course is the in-depth line-by-line analysis of the Form 1120S Schedule K and K-1 and how these items affect the shareholder's Federal individual income tax return.

  • Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Major subjects

  • Extensive review of the S corporation tax laws with an emphasis on any new legislative changes
  • Requirements to make an S election (i.e., types and numbers of shareholders and second class of stock issues)
  • Fixing late S corporation elections (i.e., Form 2553)
  • S corporation formation (Section351) and liquidation issues
  • Revocation and termination of S corporations
  • Schedule K and K-1 -- separately stated versus non-separately stated income and expense items
  • Detailed Schedule K-1 reporting including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax
  • Compensation issues including the tax treatment of fringe benefits
  • Built in gains tax and other planning opportunities when converting a C to S corporation
  • Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts
  • Tax treatment of stock redemptions (sale or distribution?)

Learning objective(s)

  • Form an S corporation and calculate the entity's initial inside basis in the assets and shareholder's stock basis
  • Understand the operational issues during the growth and maturity of an S corporation and how the schedule K items get allocated to the shareholders on their individual Schedule K-1 effecting stock and debt basis
  • Prepare a Schedule M-2 and determine how distributions are treated to the shareholders
  • Comprehend the tax ramifications of liquidating an S corporation and the sale versus redemption of a shareholder's stock

Who should take this program?

Tax professionals that need an in-depth training course on tax preparation issues, basis calculations and distributions rules for S-Corporations and their shareholders

Fees

Our records indicate you are a nonmember. If you register, you will be charged $300.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.
Standard Member Fee $300.00
checkmark Standard Nonmember Fee $300.00

More program information

Instructor J. Patrick Garverick, CPA, MT, CFP
Location Online
Area
of study
Taxation
Field(s)
of study
Taxes - Technical (8.0)
Level Intermediate
Format Group Internet Based
Sponsor Business Professionals' Network, Inc.
NASBA ID#: 107810
Prerequisites Prereq. Background in S corporation and individual income tax law
Advance
prep
Background in individual and business income tax law
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.