With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a S corporation course focusing on the hottest tax topics and most frequently encountered issues. This case driven course will deal with both S corporation and shareholder developments addressing the most common, yet complex Federal S corporation issues and problems.
This class will review S corporation tax law by looking at case studies addressing issues and problems at both the S corporation and shareholder level. Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies. Topics include but are not limited to:
- Extensive review of the S corporation tax laws with an emphasis on any new legislative changes including the Tax Cuts & Jobs Act (TCJA) new 20% qualified business income (QBI) deduction and changes to the interest deduction, fringe benefits and entertainment expenses
- 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 (§351) and liquidation issues
- Revocation and termination of S corporations
- Schedule K and K-1 – separately & non-separately stated income and expense items
- 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?)
- Overview of a shareholder stock and debt basis and deductibility of losses
Basic understanding of S corporation and individual income taxation
Tax professionals (in public or private industry) seeking a case driven income tax return course addressing the most common, yet complex Federal S corporation issues and problems
- Form and liquidate an S corporation and determine any tax ramifications to the corporation and shareholder
- Calculate the corporation’s initial inside basis in the assets and shareholder’s stock and debt basis
- Understand how the schedule K items get allocated to the shareholders on their individual Schedule K-1 and the effect on a shareholder’s stock and debt basis
- Prepare a Schedule M-2 and determine how distributions are treated to the shareholders
J Patrick Garverick
Pat began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University.
After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Pat began his own tax and financial planning business as well as writing, reviewing and teaching tax and financial planning CPE training courses around the country. As an award winning discussion leader, Pat’s knowledge, expertise and high energy has made him one of the profession’s highest rated speakers resulting in numerous perfect scores for both knowledge and presentation skills.
“Mr. Garverick is a great, energetic instructor who gets the entire class participating!” - D. Hoppes, attended Tax Update - Forms 1120, 1120S, and 1065.
Non-Member Price $425.00
Member Price $325.00