S Corporation Taxation: Comprehensive (Form 1120S) WEBCAST

Thursday, December 10 8:30am - 4:30pm PST

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8 Credits

Member Price $295.00

Non-Member Price $395.00

Overview

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.

Highlights

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 §351, Tax ramifications and reporting of distributions at the S corporation level including when the S corporation has prior C corporation earnings and profits (E&P), Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, OAA, PTI and E&P accounts.

Prerequisites

General knowledge in individual and S corporation income taxation.

Designed For

CPAs, auditors, consultants, and financial and management professionals.

Objectives

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.

Preparation

None.

Notice

None

Leader(s):

  • Eri Kinoshita

Non-Member Price $395.00

Member Price $295.00