Course

S Corporations (Form 1120S) Tax Return Review & Case Study - Virtual ONLY

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Event Details

Tuesday, December 7, 2021

8:00am – 4:00pm
(Registration: 7:30am)

Location

Facility Pending

Webcast Only

Field of Study

  • Taxes

CPE Credit

8 hours CPE credit

Course Code

STRC-55

Instructor

Level of Knowledge

Intermediate

Vendor

The Garvs LLC

Prerequisites

Background in S corporation and individual income tax law.

Description

All materials will be electronic only

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.

Highlights

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 (SECURE & CARES Act) including the 20% qualified business income (QBI) deduction, 3.8% net investment income tax 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

Objectives

Once participants have completed this session, they should be able to:

  • Form and liquidate an S corporation and determine any tax ramifications to the corporation and shareholders
  • 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

Designed For

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.

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